Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 28, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-35713 | ||
Entity Registrant Name | WHEELER REAL ESTATE INVESTMENT TRUST, INC. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 45-2681082 | ||
Entity Address, Address Line One | 2529 Virginia Beach Blvd. | ||
Entity Address, City or Town | Virginia Beach | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23452 | ||
City Area Code | 757 | ||
Local Phone Number | 627-9088 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21,457,917 | ||
Entity Common Stock, Shares Outstanding (in shares) | 9,793,957 | ||
Documents Incorporated by Reference | Documents Incorporated by Reference Portions of the registrant’s Proxy Statement for its 2023 Meeting to be filed with the Securities and Exchange Commission not later than 120 days after the end of the year covered by this Annual Report are incorporated by reference into Part III of this Annual Report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001527541 | ||
Common Stock, $0.01 par value per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | WHLR | ||
Security Exchange Name | NASDAQ | ||
Series B Convertible Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series B Convertible Preferred Stock | ||
Trading Symbol | WHLRP | ||
Security Exchange Name | NASDAQ | ||
Series D Cumulative Convertible Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Series D Cumulative Convertible Preferred Stock | ||
Trading Symbol | WHLRD | ||
Security Exchange Name | NASDAQ | ||
7.00% Subordinated Convertible Notes due 2031 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 7.00% Subordinated Convertible Notes due 2031 | ||
Trading Symbol | WHLRL | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Cherry Bekaert LLP |
Auditor Location | Virginia Beach, Virginia |
Auditor Firm ID | 677 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Investment properties, net | $ 560,980 | $ 386,730 |
Cash and cash equivalents | 28,491 | 22,898 |
Restricted cash | 27,374 | 17,521 |
Rents and other tenant receivables, net | 13,544 | 9,233 |
Assets held for sale | 0 | 2,047 |
Above market lease intangibles, net | 3,134 | 2,424 |
Operating lease right-of-use assets | 15,133 | 12,455 |
Deferred costs and other assets, net | 35,880 | 11,973 |
Total Assets | 684,536 | 465,281 |
LIABILITIES: | ||
Loans payable, net | 466,029 | 333,283 |
Liabilities associated with assets held for sale | 0 | 3,381 |
Below market lease intangibles, net | 23,968 | 3,397 |
Derivative liabilities | 7,111 | 4,776 |
Operating lease liabilities | 16,478 | 13,040 |
Accounts payable, accrued expenses and other liabilities | 18,398 | 11,054 |
Total Liabilities | 531,984 | 368,931 |
EQUITY: | ||
Common Stock ($0.01 par value, 200,000,000 shares authorized, 9,793,957 and 9,720,532 shares issued and outstanding, respectively) | 98 | 97 |
Additional paid-in capital | 234,993 | 234,229 |
Accumulated deficit | (295,617) | (274,107) |
Total Stockholders’ (Deficit) Equity | (15,162) | 1,861 |
Noncontrolling interests | 66,196 | 1,941 |
Total Equity | 51,034 | 3,802 |
Total Liabilities and Equity | 684,536 | 465,281 |
Series D Preferred Stock | ||
LIABILITIES: | ||
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding, respectively; $113.44 million and $104.97 million aggregate liquidation value, respectively) | 101,518 | 92,548 |
Series A Preferred Stock | ||
EQUITY: | ||
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) Series B Convertible Preferred Stock no par value, 5,000,000 authorized, 3,379,142 and 1,872,448 shares issued and outstanding, respectively; $84.48 million and $46.81 million aggregate liquidation preference, respectively) | 453 | 453 |
Series B Preferred Stock | ||
EQUITY: | ||
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) Series B Convertible Preferred Stock no par value, 5,000,000 authorized, 3,379,142 and 1,872,448 shares issued and outstanding, respectively; $84.48 million and $46.81 million aggregate liquidation preference, respectively) | $ 44,911 | $ 41,189 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 9,793,957 | 9,720,532 |
Common stock, shares outstanding (in shares) | 9,793,957 | 9,720,532 |
Series D Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 6,000,000 | 6,000,000 |
Preferred stock, shares issued (in shares) | 3,152,392 | 3,152,392 |
Preferred stock, shares outstanding (in shares) | 3,152,392 | 3,152,392 |
Preferred stock, aggregate liquidation preference | $ 113,440 | $ 104,970 |
Preferred stock, shares authorized (in shares) | 6,000,000 | |
Series A Preferred Stock | ||
Preferred stock, shares outstanding (in shares) | 562 | |
Preferred stock, shares authorized (in shares) | 4,500 | 4,500 |
Preferred stock, shares issued (in shares) | 562 | 562 |
Preferred stock outstanding (in shares) | 562 | 562 |
Preferred stock, liquidation preference value | $ 562 | $ 562 |
Series B Preferred Stock | ||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 3,379,142 | 1,872,448 |
Preferred stock outstanding (in shares) | 3,379,142 | 1,872,448 |
Preferred stock, liquidation preference value | $ 84,480 | $ 46,810 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
REVENUE: | ||
Rental revenues | $ 75,195 | $ 60,368 |
Other revenues | 1,450 | 942 |
Total Revenue | 76,645 | 61,310 |
OPERATING EXPENSES: | ||
Property operations | 25,731 | 19,618 |
Depreciation and amortization | 19,540 | 14,797 |
Impairment of assets held for sale | 760 | 2,300 |
Corporate general & administrative | 8,620 | 7,140 |
Total Operating Expenses | 54,651 | 43,855 |
Gain on disposal of properties | 2,604 | 2,055 |
Operating Income | 24,598 | 19,510 |
Interest income | 65 | 34 |
Interest expense | (30,107) | (33,028) |
Net changes in fair value of derivative liabilities | (2,335) | 3,768 |
Other income | 0 | 552 |
Other expense | (691) | (185) |
Net Loss Before Income Taxes | (8,470) | (9,349) |
Income tax expense | 0 | (2) |
Net Loss | (8,470) | (9,351) |
Less: Net income attributable to noncontrolling interests | 3,984 | 92 |
Net Loss Attributable to Wheeler REIT | (12,454) | (9,443) |
Preferred Stock dividends - undeclared | (9,056) | (8,837) |
Deemed contribution related to Preferred Stock discount | 0 | 5,040 |
Net Loss Attributable to Wheeler REIT Common Stockholders | $ (21,510) | $ (13,240) |
Loss per share: | ||
Basic (in dollars per share) | $ (2.20) | $ (1.36) |
Diluted (in dollars per share) | $ (2.20) | $ (1.36) |
Weighted-average number of shares: | ||
Basic (in shares) | 9,760,704 | 9,711,944 |
Diluted (in shares) | 9,760,704 | 9,711,944 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Noncontrolling Interests | Series A Preferred Stock Preferred Stock | Series B Preferred Stock Preferred Stock | |
Beginning balance (in shares) at Dec. 31, 2020 | 9,703,874 | 224,429 | 562 | 1,875,748 | |||||
Beginning balance at Dec. 31, 2020 | $ 16,849 | $ 14,918 | $ 97 | $ 234,061 | $ (260,867) | $ 1,931 | $ 453 | $ 41,174 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accretion of Series B Preferred Stock discount | 87 | 87 | $ 87 | ||||||
Conversion of operating partnership units to Common Stock (in shares) | 9,086 | (9,086) | |||||||
Conversion of operating partnership units to Common Stock | 0 | 33 | 33 | $ (33) | |||||
Issuance of common stock under Share Incentive Plan (in shares) | 5,000 | ||||||||
Issuance of Common Stock under Share Incentive Plan | 14 | 14 | 14 | ||||||
Adjustment for noncontrolling interest in operating partnership | 0 | 49 | 49 | (49) | |||||
Conversion of Series B Preferred Stock to Common Stock (in shares) | 2,572 | (3,300) | |||||||
Conversion of Series B Preferred Stock to Common Stock | 0 | 72 | $ (72) | ||||||
Deemed contribution related to Preferred Stock discount | 5,040 | 5,040 | 5,040 | ||||||
Dividends and distributions | (8,837) | (8,837) | (8,837) | ||||||
Net (Loss) Income | (9,351) | (9,443) | (9,443) | $ 92 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 9,720,532 | 215,343 | 562 | 1,872,448 | |||||
Ending balance at Dec. 31, 2021 | 3,802 | 1,861 | $ 97 | 234,229 | (274,107) | $ 1,941 | $ 453 | $ 41,189 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accretion of Series B Preferred Stock discount | 87 | 87 | $ 87 | ||||||
Conversion of operating partnership units to Common Stock (in shares) | 70,401 | (70,401) | |||||||
Conversion of operating partnership units to Common Stock | 0 | 161 | $ 1 | 160 | $ (161) | ||||
Adjustment for noncontrolling interest in operating partnership | 0 | 500 | 500 | (500) | |||||
Conversion of Series B Preferred Stock to Common Stock (in shares) | 3,024 | (4,847) | |||||||
Conversion of Series B Preferred Stock to Common Stock | 0 | 104 | $ (104) | ||||||
Paid-in-kind interest, Issuance of Series B Preferred Stock (in shares) | 1,511,541 | ||||||||
Paid-in-kind interest, Issuance of Series B Preferred Stock | 3,739 | 3,739 | $ 3,739 | ||||||
Noncontrolling interests assumed from the acquisition | [1] | 64,845 | 64,845 | ||||||
Deemed contribution related to Preferred Stock discount | 0 | ||||||||
Dividends and distributions | (12,969) | (9,056) | (9,056) | (3,913) | |||||
Net (Loss) Income | (8,470) | (12,454) | (12,454) | $ 3,984 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 9,793,957 | 144,942 | 562 | 3,379,142 | |||||
Ending balance at Dec. 31, 2022 | $ 51,034 | $ (15,162) | $ 98 | $ 234,993 | $ (295,617) | $ 66,196 | $ 453 | $ 44,911 | |
[1]See Notes 1, 2 and 3 of the Notes to the Condensed Consolidated Financial Statements for further details. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (8,470) | $ (9,351) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | ||
Depreciation | 13,489 | 11,072 |
Amortization | 6,051 | 3,725 |
Loan cost amortization | 6,098 | 12,710 |
Changes in fair value of derivative liabilities | 2,335 | (3,768) |
Above (below) market lease amortization, net | (2,079) | 13 |
Paid-in-kind interest | 3,739 | 1,610 |
Straight-line expense | 32 | 35 |
Share-based compensation | 0 | 14 |
Gain on disposal of properties | (2,604) | (2,055) |
Credit losses on operating lease receivables | 361 | 239 |
Impairment of assets held for sale | 760 | 2,300 |
Net changes in assets and liabilities: | ||
Rent and other tenant receivables, net | (1,221) | 1,001 |
Unbilled rent | (740) | (1,220) |
Deferred costs and other assets, net | 4,381 | (427) |
Accounts payable, accrued expenses and other liabilities | 8,626 | 1,143 |
Net cash provided by operating activities | 30,758 | 17,041 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Investment property acquisitions, net of cash acquired | (135,510) | 0 |
Capital expenditures | (8,511) | (6,412) |
Cash received from disposal of properties | 10,509 | 11,513 |
Net cash (used in) provided by investing activities | (133,512) | 5,101 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments for deferred financing costs | (12,683) | (7,813) |
Dividends and distributions paid on noncontrolling interests | (2,688) | 0 |
Loan proceeds | 400,000 | 97,650 |
Loan principal payments | (263,815) | (105,305) |
Preferred stock redemption | 0 | (8,336) |
Loan prepayment penalty | (2,614) | (687) |
Net cash provided by (used in) financing activities | 118,200 | (24,491) |
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 15,446 | (2,349) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year | 40,419 | 42,768 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year | 55,865 | 40,419 |
Non-cash Transactions: | ||
Paycheck Protection Program forgiveness | 0 | 552 |
Initial fair value of warrants | 0 | 2,018 |
Initial fair value of derivative liability at issuance of convertible notes | 0 | 5,932 |
Accretion of Preferred Stock discounts | 584 | 600 |
Deemed contribution related to Preferred Stock discount | 0 | 5,040 |
Other Cash Transactions: | ||
Cash paid for taxes | 0 | 2 |
Cash paid for interest | 19,957 | 18,973 |
Cash and cash equivalents | 28,491 | 22,898 |
Restricted cash | 27,374 | 17,521 |
Cash, cash equivalents, and restricted cash | 55,865 | 40,419 |
Common units | ||
Non-cash Transactions: | ||
Conversion of common units and preferred stock to common stock | 160 | 33 |
Series B Preferred Stock | ||
Non-cash Transactions: | ||
Conversion of common units and preferred stock to common stock | $ 104 | $ 72 |
Organization and Basis of Prese
Organization and Basis of Presentation and Consolidation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation and Consolidation | Organization and Basis of Presentation and Consolidation Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. At December 31, 2022, the Company owned 99.05% of the Operating Partnership. As of December 31, 2022, the Trust, through the Operating Partnership, owned and operated seventy-five centers and four undeveloped properties. Twenty-one of these properties are located in South Carolina, twelve in Georgia, ten in Virginia, eight in Pennsylvania, six in North Carolina, four in Massachusetts, four in New Jersey, three in Florida, three in Connecticut, two in Kentucky, two in Tennessee, one in Alabama, one in Maryland, one in West Virginia, and one in Oklahoma. The Company’s portfolio had total gross rentable space of approximately 8,173,000 square feet and a leased level of approximately 92.9% at December 31, 2022. Accordingly, the use of the word “Company”, "we", "our" or "us" refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the Trust, the Operating Partnership, the entities included in the REIT formation and the entities acquired since November 2012. The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company owns, leases and operates income producing grocery-anchored centers, neighborhood centers, community centers and free-standing retail properties with a strategy to acquire high quality retail properties that generate attractive risk-adjusted returns. The Company targets properties in communities that have stable demographics. The Company considers properties that are generally located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value oriented services and items and generate regular consumer traffic. The Company’s tenants carry goods and offer services that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which it believes generates more predictable property-level cash flows. The Trust through the Operating Partnership owns Wheeler Interests, LLC (“WI”) and Wheeler Real Estate, LLC (“WRE”) (collectively the “Operating Companies”). The Operating Companies are Taxable REIT Subsidiaries (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. Acquisition of Cedar Realty Trust On March 2, 2022, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Cedar Realty Trust, Inc. (“Cedar”), Cedar Realty Trust Partnership, L.P., (“Cedar OP”), WHLR Merger Sub Inc., a wholly owned subsidiary of the Company, and WHLR OP Merger Sub LLC, a wholly owned subsidiary of Merger Sub I (“Merger Sub II”), pursuant to which the Company agreed to acquire Cedar, including 19 of its shopping center assets, in an all-cash merger transaction consisting, in accordance with the terms of the Merger Agreement, of a payment to Cedar common shareholders of merger consideration of $9.48 per common share (the “Cedar Acquisition”). On August 22, 2022, the Company completed the merger transaction with Cedar. As a result of the merger, the Company acquired all of the outstanding shares of the Cedar's common stock, which ceased to be publicly traded on the NYSE. Cedar’s outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. Each outstanding share of common stock of Cedar and outstanding common unit of the Cedar OP held by persons other than Cedar immediately prior to the merger were cancelled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result Cedar became a subsidiary of the REIT. During the year ended December 31, 2022 the Company incurred acquisition related costs of $5.51 million for the merger. These costs were capitalized as part of the acquisition and are primarily comprised of professional fees and legal fees, see Note 3 included in this Form 10-K for further details. The consolidated financial statements included in this Form 10-K include Cedar starting from the date of acquisition. We have determined that this acquisition is not a variable interest entity, as defined under the consolidation topic of the Financial Accounting Standards Board (the "FASB"), Accounting Standards Codification, or ASC, and we evaluated such entity under the voting model and concluded we should consolidate the entity. Under the voting model, we consolidate the |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded at fair value as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated undiscounted operating income before depreciation and amortization include renewal and renegotiations of current leases, estimates of new leases on vacant spaces, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below current estimates, then impairment adjustments may be necessary in the future. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects for vacant spaces and local market information. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment expense is recognized. The Company estimates fair value, less estimated closing costs, based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2022 and 2021. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities as of December 31, 2022 and 2021. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. Tenant Receivables Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of December 31, 2022 and 2021, the Company’s allowance for uncollectible tenant receivables totaled $3.15 million and $633 thousand, respectively. Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationships and ground lease sandwich interest intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of deferred costs and other assets represents a component of depreciation and amortization expense. Paycheck Protection Program The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The PPP funds were received in the form of a promissory note, dated April 24, 2020 (the “Promissory Note”), between the Company and KeyBank as the lender. Under the terms of the CARES Act, the Promissory Note was forgiven during the year ended December 31, 2021 and the corresponding forgiveness of the liability was recorded as "other income" on the consolidated statements of operations. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations Debt Issuance Costs The Company may incur debt issuance costs in connection with raising funds through debt. These costs may be paid in the form of cash, or equity (such as warrants and convertible notes). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Revenue Recognition Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. At December 31, 2022 and 2021, there were $6.52 million and $5.77 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net." Additionally, certain lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Minimum rent $ 57,533 $ 45,896 Tenant reimbursements - variable lease revenue 16,665 13,120 Straight-line rents 800 1,060 Percentage rent - variable lease revenue 558 531 Lease termination fees 134 139 Other 1,316 803 Total 77,006 61,549 Credit losses on operating lease receivables (361) (239) Total $ 76,645 $ 61,310 Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions. Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity. Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates. Corporate General and Administrative Expense Corporate general & administrative expenses consist of the following (in thousands): Years Ended December 31, 2022 2021 Professional fees $ 3,810 $ 3,116 Compensation and benefits 2,276 1,465 Corporate administration 1,901 1,771 Advertising costs for leasing activities 319 119 Other 314 669 Total $ 8,620 $ 7,140 Other Expense Other expense represents costs which are non-operating in nature. Other expenses were $691 thousand and $185 thousand for the year ended December 31, 2022 and 2021 respectively, and consist of legal settlement costs. Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. The noncontrolling interest attributable to the acquisition of Cedar represents the fair value of Cedar's outstanding 7.25% Series B Preferred Stock ("Cedar Series B Preferred") and 6.50% Series C Preferred Stock ("Cedar Series C Preferred") as of August 22, 2022, the date of acquisition. The valuation assumption was based on the three-level valuation hierarchy for fair value measurements and represents Level 1 inputs. Level 1 inputs represent observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The total cumulative dividends for the Cedar Series B Preferred and Cedar Series C Preferred were $3.91 million as of December 31, 2022 and are included as a reduction to net loss attributable to Wheeler REIT Common Stockholders on the consolidated statements of operations during the year ended December 31, 2022. Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Update ("ASU") 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entities Own Equity (Subtopic 815-40).” This ASU simplifies accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. In addition, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The guidance is effective for fiscal years beginning after December 15, 2021. We adopted this guidance effective January 1, 2021 under the modified retrospective adoption approach. There was no effect to the opening balance of retained earnings at the date of adoption. The comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2022, however the Company is early adopting as of January 1, 2022. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables, including straight-line rent receivables, recorded by lessors are explicitly excluded from the scope of Topic 326. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Real Estate Investment properties consist of the following (in thousands): December 31, 2022 2021 Land and land improvements $ 144,537 $ 96,752 Buildings and improvements 494,668 357,606 Investment properties at cost 639,205 454,358 Less accumulated depreciation (78,225) (67,628) Investment properties, net $ 560,980 $ 386,730 The Company’s depreciation expense on investment properties was $13.49 million and $11.07 million for the years ended December 31, 2022 and 2021, respectively. A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans. Accordingly, restrictions exist as to the encumbered property's transferability, use and other common rights typically associated with property ownership. Assets Held for Sale and Dispositions At December 31, 2022, there were no assets held for sale. At December 31, 2021, assets held for sale included Walnut Hill Plaza, which was sold in 2022. Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. Impairment expenses for the years ended December 31, 2022 and 2021 are as follows (in thousands): Years Ended December 31, 2022 2021 Harbor Pointe Land Parcel $ 760 $ — Walnut Hill Plaza — 100 Columbia Fire Station — 2,200 Total $ 760 $ 2,300 As of December 31, 2022 and 2021, assets held for sale and associated liabilities consist of the following (in thousands): December 31, 2022 2021 Investment properties, net $ — $ 1,824 Rents and other tenant receivables, net — 18 Deferred costs and other assets, net — 205 Total assets held for sale $ — $ 2,047 December 31, 2022 2021 Loans payable $ — $ 3,145 Accounts payable, accrued expenses and other liabilities — 236 Total liabilities associated with assets held for sale $ — $ 3,381 The following properties were sold during the years ended December 31, 2022 and 2021 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds December 9, 2022 Butler Square $ 9,250 $ 2,619 $ 8,723 January 11, 2022 Walnut Hill Plaza 1,986 (15) 1,786 November 17, 2021 Columbia Fire Station 4,250 (88) 3,903 August 31, 2021 Rivergate Shopping Center Out Parcel 3,700 1,915 3,451 July 9, 2021 Tulls Creek Land Parcel (1.28 acres) 250 52 222 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75 acres) 4,150 176 3,937 Cedar Acquisition On August 22, 2022, the Company acquired Cedar, a 2.9 million square foot shopping center portfolio consisting of 19 properties located primarily in the Northeast from Virginia to Massachusetts (the "Cedar Portfolio"). The Cedar Portfolio was acquired through the purchase of the issued and outstanding shares of Cedar’s common stock, par value $0.06 per share (“Cedar Common Stock”), and the issued and outstanding common units of Cedar OP held by persons other than Cedar for an aggregate of $135.51 million of cash merger consideration and acquisition costs. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands): Building and building improvements (a) $ 137,120 Land and land improvements (a) 47,899 Lease intangibles (b) 28,215 Above market lease (c) 1,718 Right of use asset adjustment, ground lease (d) 2,913 Cash, accounts receivable and other assets 14,242 Total assets acquired 232,107 Below market lease (c) (23,622) Lease Liabilities, ground lease (d) (3,552) Accounts payable and other liabilities (4,578) Total liabilities acquired (31,752) Noncontrolling interest (e) (64,845) Purchase price allocation of net assets acquired, excluding noncontrolling interests $ 135,510 Purchase consideration: (f) Cash merger consideration $ 130,000 Capitalized acquisition costs 5,510 $ 135,510 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d. Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e. Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f. Represents merger consideration and capitalized transaction costs. Unaudited pro forma financial information in the aggregate is presented below for the acquisition of the Cedar properties. The unaudited pro forma information presented below includes the effects of the Cedar Acquisition as if it had been consummated as of January 1, 2021. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments and interest expense related to debt incurred. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if this acquisition had taken place on January 1, 2021 or 2022. (Amounts presented in thousands, except per share figures). Year Ended 2022 2021 Rental revenues $ 100,315 $ 98,802 Net loss from continuing operations $ (6,950) $ (9,252) Net loss attributable to Wheeler REIT $ (7,022) $ (20,096) Net loss attributable to Wheeler REIT common shareholders $ (26,830) $ (23,893) Basic loss per share $ (2.75) $ (2.46) Diluted loss per share $ (2.75) $ (2.46) |
Deferred Costs and Other Assets
Deferred Costs and Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs and Other Assets | Deferred Costs and Other Assets Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2022 2021 Leases in place, net $ 24,956 $ 7,519 Lease origination costs, net 7,165 1,474 Ground lease sandwich interest, net 1,393 1,667 Tenant relationships, net 500 853 Legal and marketing costs, net 389 14 Prepaid expenses 1,456 413 Other 21 33 Total deferred costs and other assets, net $ 35,880 $ 11,973 As of December 31, 2022 and 2021, the Company’s intangible accumulated amortization totaled $62.35 million and $62.94 million, respectively. During the years ended December 31, 2022 and 2021, the Company’s intangible amortization expense totaled $6.05 million and $3.73 million, respectively. Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Lease Ground lease sandwich interest, net Tenant Legal & Total 2023 $ 7,702 $ 1,264 $ 274 $ 221 $ 101 $ 9,562 2024 5,178 1,120 274 124 84 6,780 2025 3,637 957 274 62 61 4,991 2026 2,394 830 274 11 48 3,557 2027 1,886 719 274 11 33 2,923 Thereafter 4,159 2,275 23 71 62 6,590 $ 24,956 $ 7,165 $ 1,393 $ 500 $ 389 $ 34,403 |
Loans Payable
Loans Payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Loans Payable | Loans Payable The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, December 31, Cypress Shopping Center $ 34,360 4.70 % July 2024 $ 5,903 $ 6,031 Port Crossing $ 34,788 4.84 % August 2024 5,641 5,778 Freeway Junction $ 41,798 4.60 % September 2024 7,273 7,431 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,186 3,267 Bryan Station $ 23,489 4.52 % November 2024 4,136 4,226 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,716 7,861 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,615 5,757 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (2) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza $ 24,295 4.82 % December 2025 4,409 4,483 Tuckernuck $ 32,202 5.00 % March 2026 4,915 5,052 Chesapeake Square $ 23,857 4.70 % August 2026 4,106 4,192 Sangaree/Tri-County $ 32,329 4.78 % December 2026 6,086 6,176 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,144 8,277 Village of Martinsville $ 89,664 4.28 % July 2029 15,181 15,589 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate (3) $ 100,222 4.25 % September 2031 18,003 18,430 Convertible Notes Interest only 7.00 % December 2031 33,000 33,000 Guggenheim Loan Agreement (4) Interest only 4.25 % July 2032 75,000 — JANAF Loan Agreement (5) Interest only 5.31 % July 2032 60,000 — Guggenheim-Cedar Loan Agreement (6) Interest only 5.25 % November 2032 110,000 — Patuxent Crossing/Coliseum Marketplace Loan Agreement Interest only 6.35 % January 2033 25,000 — Walnut Hill Plaza $ 26,850 5.50 % March 2023 — 3,145 Litchfield Market Village $ 46,057 5.50 % November 2022 — 7,312 Twin City Commons $ 17,827 4.86 % January 2023 — 2,843 New Market $ 48,747 5.65 % June 2023 — 6,291 Benefit Street Note $ 53,185 5.71 % June 2023 — 6,914 Deutsche Bank Note $ 33,340 5.71 % July 2023 — 5,488 First National Bank $ 24,656 LIBOR + 350 basis points August 2023 — 789 Lumber River $ 10,723 LIBOR + 350 basis points September 2023 — 1,296 Tampa Festival $ 50,797 5.56 % September 2023 — 7,753 Forrest Gallery $ 50,973 5.40 % September 2023 — 8,060 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 — 11,259 Folly Road $ 41,482 4.65 % March 2025 — 7,063 JANAF $ 333,159 4.49 % July 2023 — 47,065 JANAF Bravo $ 35,076 5.00 % May 2024 — 5,936 JANAF BJ's $ 29,964 4.95 % January 2026 — 4,725 Butler Square Interest only 3.90 % May 2025 — 5,640 Total Principal Balance (1) 482,447 346,262 Unamortized debt issuance cost (1) (16,418) (9,834) Total Loans Payable, including assets held for sale 466,029 336,428 Less loans payable on assets held for sale, net loan amortization costs — 3,145 Total Loans Payable, net $ 466,029 $ 333,283 (1) Includes loans payable on assets held for sale, see Note 3. The loan agreements include customary prepayment penalties or defeasance costs, which can be incurred by the company when prepaying or defeasing loans. (2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (4) Collateralized by 22 properties. (5) Collateralized by JANAF properties. (6) Collateralized by 10 Cedar properties. Rights Offering and Convertible Notes On July 22, 2021, the Company commenced a rights offering (the “Rights Offering”) for the purchase of up to $30.00 million in aggregate principal amount of the Company’s 7.00% senior subordinated convertible notes due 2031 (the “Convertible Notes”). On August 13, 2021, the Rights Offering expired. Pursuant to the Rights Offering, the Company distributed to holders of its Common Stock, as of 5:00 p.m. New York City time on June 1, 2021 (the “Record Date”), non-transferable subscription rights to purchase Convertible Notes. Each holder of the Company’s Common Stock as of the Record Date received one right for each eight shares of the Company’s Common Stock owned, and each right entitled a holder to purchase $25.00 principal amount of Convertible Notes. The Rights Offering was made pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. The aggregate principal amount of Convertible Notes issued in the Rights Offering was $30.00 million. The Rights Offering was backstopped by Magnetar Structured Credit Fund, LP, Magnetar Longhorn Fund LP, Magnetar Lake Credit Fund LLC, Purpose Alternative Credit Fund – F LLC, Purpose Alternative Credit Fund – T LLC, and AY2 Capital LLC (each individually, a “Backstop Party” and, collectively, the “Backstop Parties”) in the amount of $2.19 million in aggregate principal. On October 12, 2021, the Backstop Parties and their assignee elected to exercise their “accordion right” in full and purchased from the Company an additional $3.00 million in aggregate principal amount of the Company’s Convertible Notes. The Convertible Notes contain debt issuance costs aggregating $7.10 million which is being amortized over the life of the Convertible Notes. On August 13, 2021, the Company, as Issuer, and Wilmington Savings Fund Society, FSB., as Trustee, entered into an Indenture governing the terms of the Convertible Notes (the "Indenture"). The Convertible Notes bear interest at a rate of 7.00% per annum. Interest on the Convertible Notes is payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2021. The Convertible Notes are subordinate and junior in right of payment to the Company's obligations to the holders of senior indebtedness, and that in the case of any insolvency, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation or winding-up of or relating to the Company as a whole, whether voluntary or involuntary, all obligations to holders of senior indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal or interest on the Convertible Notes. Interest on the Convertible Notes is payable, at the Company's election: (a) in cash; (b) in shares of Series B Preferred; (c) in shares of Series D Preferred; or (d) in any combination of (a), (b), and/or (c). For purposes of determining the value of Series B Preferred and Series D Preferred paid as interest on the Convertible Notes, each share of Series B Preferred and Series D Preferred shall be deemed to have a value equal to the product of (x) the average of the VWAPs (as defined in the Indenture) for the Series B Preferred or the Series D Preferred, as the case may be, for the 15 consecutive trading days ending on the third business day immediately preceding the relevant interest payment date, and (y) 0.55. Interest payments on the Convertible Notes were made as follows (in thousands, except for shares ) For the years ended December 31, Series B Preferred Series D Preferred Convertible Note Interest at 7% Fair value adjustment Paid-in-kind Interest Expense 2021 — 113,709 $ 885 $ 725 $ 1,610 2022 1,511,541 — $ 2,310 $ 1,429 $ 3,739 The Convertible Notes are convertible, in whole or in part, at any time, at the option of the holders of the Convertible Notes, into shares of the Company’s Common Stock at a conversion price of $6.25 per share of the Company’s Common Stock (the “Conversion Price”); provided, however, that if at any time after September 21, 2023, holders of the Series D Preferred have required the Company to redeem (payable in cash or stock) in the aggregate at least 100,000 shares of Series D Preferred, then the Conversion Price will be adjusted to the lower of (i) 55% of the Conversion Price or (ii) a 45% discount to the lowest price at which any Series D Preferred was converted into the Common Stock. Upon a change of control, each Convertible Note will mandatorily convert into shares of the Company’s Common Stock equal to: (i) the principal amount of each Convertible Note divided by (ii) the product of (x) the average of the per share volume-weighted average prices for the Common Stock for the 15 consecutive trading days ending on the third business day immediately preceding the date of such change of control, and (y) 0.55. After January 1, 2024, the Company may redeem the Convertible Notes at any time (in whole or in part) at the Company's option at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest as of the redemption date (the "Redemption Price"). The Redemption Price may be paid: (a) in cash; (b) in shares of Common Stock; or (c) in any combination of (a) and (b). Powerscourt Financing Agreement On December 22, 2020, the Company entered into a financing agreement (the "Powerscourt Financing Agreement") with Powerscourt Investments XXII, LP, as administrative agent and collateral agent. In conjunction with the Powerscourt Financing Agreement, the Company issued to Powerscourt XXII, LP a warrant (the "Powerscourt Warrant") to purchase 496,415 shares of Common Stock for $3.12 per share (the "Powerscourt Warrant Agreement"). The Powerscourt Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after December 22, 2020 (the "Effective Date") and before the date that is the 36-month anniversary of the Effective Date. Additionally, the Company entered into a registration rights agreement with the holders from time to time of the Powerscourt Warrant, dated as of December 22, 2020 (the “Powerscourt Registration Rights Agreement”), accordingly, the Company registered the resale of the common stock underlying the Powerscourt Warrant on a Form S-11 Registration Statement which became effective on May 25, 2021. On March 12, 2021, the Company paid in full the $25.00 million Powerscourt Financing Agreement. The Powerscourt Warrant Agreement and the Powerscourt Registration Rights Agreement remain as of December 31, 2022, see Note 6. Wilmington Financing Agreement On March 12, 2021, the Company entered into a financing agreement (the "Wilmington Financing Agreement") as borrower, certain subsidiaries of the Company from time to time party thereto, as guarantors (together with the Company, the "Loan Parties"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Wilmington Financing Agreement provided for a term loan in the aggregate principal amount of $35.00 million. The proceeds of the Wilmington Financing Agreement were intended for the following: (i) to payoff the Company's indebtedness on the Powerscourt Financing Agreement, (ii) to fund the redemption of certain shares of the Company's 8.75% Series D Preferred and (iii) to pay fees and expenses in connection with the transactions contemplated by the Wilmington Financing Agreement. The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. Any payment or repayment of principal will be made with a premium equal to 5% of the amount repaid or prepaid, a total of $1.75 million. The obligations of the Company under the Wilmington Financing Agreement were secured by liens on certain assets of the Company and certain of the Company's subsidiaries, including mortgages on the properties within the Company's portfolio. The Wilmington Financing Agreement also contains covenants that restrict, among other things the ability of the Company and its subsidiaries to create liens, incur indebtedness, make certain investments, merge or consolidate, dispose of assets, pay certain dividends and make certain other restricted payments or certain equity issuances, change the nature of their businesses, enter into certain transactions with affiliates and change their governing documents. Pursuant to the Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto a warrant (the "Wilmington Warrant") to purchase in the aggregate 1,061,719 shares of Common Stock in three tranches (the "Wilmington Warrant Agreement"). The Wilmington Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after March 12, 2021 (the "Effective Date") and before the maturity date of the Wilmington Financing Agreement. In connection with the Wilmington Financing Agreement, the Company entered into a registration rights agreement with the holders from time to time of the Wilmington Warrants, dated as of March 12, 2021 (the "Wilmington Registration Rights Agreement"), accordingly, the Company registered the resale of the common stock underlying the Wilmington Warrant on a Form S-11 Registration Statement which became effective on May 25, 2021. On December 21, 2021, the principal balance on the Wilmington Financing Agreement was paid in full. The Wilmington Warrant Agreement and the Wilmington Registration Rights Agreement remain as of December 31, 2022. First National Bank Amendment On September 22, 2021, the Company entered into the Fourth Amendment to extend the $875 thousand First National Bank Loan to August 15, 2023 with monthly principal and interest payments of $25 thousand. The First National Bank Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. In conjunction with Guggenheim Loan Agreement on June 17, 2022, the principal balance on the First National Bank Loan was paid in full. Lumber River Extensions On September 22, 2021, the Company entered into the Fifth Amendment to extend the $1.31 million Lumber River Loan to September 10, 2023 with monthly principal and interest payments of $11 thousand. The Lumber River Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. In conjunction with Guggenheim Loan Agreement on June 17, 2022, the principal balance on the Lumber River Loan was paid in full. Tuckernuck Extension and Refinance On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026 with monthly principal and interest payments of $32 thousand. Rivergate Extensions and Refinance On May 28, 2021, the Company entered into an agreement with Synovus Bank to extend the maturity date from April 21, 2021 to October 20, 2021 with monthly principal payments of $60 thousand plus accrued and unpaid interest. The Rivergate Loan will bear interest at the Synovus Bank's prime rate less 0.25% with a floor of 3.00%. On August 31, 2021 a $3.54 million principal payment was made in conjunction with the outparcel sale. On September 30, 2021, the Company refinanced the Rivergate Loan for $18.50 million at a rate of 4.25%. The loan matures on September 30, 2031 with monthly principal and interest payments of $100 thousand through September 2026 at which time monthly principal and interest payments begin based on a 20-year amortization and an interest rate change to 5 year U.S. Treasury Rate plus 2.70% with a floor of 4.25%. Columbia Fire Station Extension and Payoff On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement. On July 21, 2021, the principal balance on the Columbia Fire Station Loan was paid in full. Berkley/Sangaree/Tri-County Paydown On March 25, 2021, the Company made a $3.22 million principal payment on the Berkley/Sangaree/Tri-County loan with the sale of the Berkley Shopping Center, as detailed in Note 3, and paid $687 thousand in defeasance. JANAF Bravo Refinance On May 5, 2021, the Company refinanced the JANAF Bravo Loan for $6.00 million at a rate of 5.00%. The loan matures on May 5, 2024 with monthly principal and interest payments of $35 thousand. In conjunction with JANAF Loan Agreement on July 6, 2022, the principal balance on the JANAF Bravo Loan was paid in full. Walnut Hill Plaza Payoff In conjunction with the Walnut Hill Plaza sale, as detailed in Note 3, the Company made a $1.79 million principal paydown on the Walnut Hill Plaza loan. On February 17, 2022 the Company paid the remaining loan balance of $1.34 million in full. Guggenheim Loan Agreement On June 17, 2022, the Company entered into a term loan agreement (the “Guggenheim Loan Agreement”) with Guggenheim Real Estate, LLC, for $75.00 million at a fixed rate of 4.25% with interest-only payments due monthly. Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time . The Guggenheim Loan Agreement proceeds were used to refinance eleven loans including paying $1.46 million in defeasance. JANAF Loan Agreement On July 6, 2022, the Company entered into a loan agreement (the “JANAF Loan Agreement”) with CITI Real Estate Funding Inc. for $60.00 million at a fixed interest rate of 5.31% with interest-only payments due monthly through maturity, July 6, 2032. The JANAF Loan Agreement proceeds were used to refinance three loans including paying $1.16 million in defeasance. KeyBank-Cedar Loan Agreement On August 22, 2022, Cedar entered into a loan agreement (the “KeyBank-Cedar Loan Agreement”) with KeyBank National Association for $130.00 million with interest-only payments due monthly through maturity, August 22, 2023. The interest rate on this term loan consisted of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5% through February 2023, at which time increases to 4.0% and was collateralized by 19 properties. The obligations under the KeyBank-Cedar Loan Agreement were satisfied in full with the proceeds of the loans under the Guggenheim-Cedar Loan Agreement entered into on October 28, 2022 and the Patuxent Crossing/Coliseum Marketplace Loan Agreement entered into on December 21, 2022. Guggenheim-Cedar Loan Agreement On October 28, 2022, Cedar entered into a loan agreement (the “Guggenheim-Cedar Loan Agreement”) with Guggenheim Real Estate, LLC, for $110.00 million at a fixed rate of 5.25% with interest-only payments due monthly through November 2027. Wheeler REIT, L.P. provided a guarantee in connection with such loan. Commencing on December 10, 2027, until the maturity date of November 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Guggenheim-Cedar Loan Agreement proceeds were used to refinance a portion of Cedar’s property portfolio that were previously collateralized by the KeyBank-Cedar Loan Agreement. Butler Square Payoff On December 9, 2022, the Company made a $5.64 million principal payment on the Butler Square loan in conjunction with the sale of the Butler Square property, as detailed in Note 3. Patuxent Crossing/Coliseum Marketplace Loan Agreement On December 21, 2022, Cedar entered into a loan agreement (the "Patuxent Crossing/Coliseum Marketplace Loan Agreement”) with CITI Real Estate Funding, Inc. for $25.00 million at a fixed rate of 6.35% with interest-only payments due monthly through maturity, January 6, 2033. The Patuxent Crossing/Coliseum Marketplace Loan Agreement proceeds were used to satisfy the remaining obligations of the KeyBank-Cedar Loan Agreement and, accordingly, the remaining collateral was released. Debt Maturities The Company’s scheduled principal repayments on indebtedness as of December 31, 2022, are as follows (in thousands): For the years ended December 31, 2023 $ 2,343 2024 33,690 2025 79,697 2026 19,347 2027 9,440 Thereafter 337,930 Total principal repayments and debt maturities $ 482,447 |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | Derivative Liabilities Fair Value of Warrants The Company utilized the Monte Carlo simulation model to calculate the fair value of the Powerscourt Warrant and Wilmington Warrant (collectively, the "Warrant Agreements"). Significant observable and unobservable inputs include stock price, conversion price, risk-free rate, term, likelihood of an event of contractual conversion and expected volatility. The Monte Carlo simulation is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. The Warrant Agreements contain terms and features that give rise to derivative liability classification. In determining the initial fair value of the Wilmington Warrant, the Company used the following inputs in its Monte Carlo model; exercise price of each of the three tranches described in the table below, Common Stock price $3.75, contractual term to maturity 5.0 years, expected Common Stock volatility 54.72% and risk-free interest rate 0.91%. Warrants to purchase shares of common stock outstanding at December 31, 2022 and 2021 are as follows: Warrant Name Warrants Exercise Price Expiration Date Powerscort Warrant 496,415 $3.120 12/22/2023 Wilmington Warrant Tranche A 510,204 $3.430 3/12/2026 Wilmington Warrant Tranche B 424,242 $4.125 3/12/2026 Wilmington Warrant Tranche C 127,273 $6.875 3/12/2026 In measuring the warrant liability, the Company used the following inputs in its Monte Carlo Model: For the Years Ended December 31, 2022 2021 Common Stock price $1.40 $1.94 Weighted average contractual term to maturity 2.5 years 3.5 years Range of expected market volatility % 66.00% - 72.88% 70.12% - 81.00% Range of risk-free interest rate 4.14% - 4.68% 0.72% - 1.16% Fair Value of Conversion Features Related to Convertible Notes The Company identified certain embedded derivatives related to the conversion features of the Convertible Notes. In accordance with ASC 815-40, Derivatives and Hedging Activities , the embedded conversion options contained within the Convertible Notes were accounted for as derivative liabilities at the date of issuance and shall be adjusted to fair value through each reporting date. The Company utilized a multinomial lattice model to calculate the fair value of the embedded derivatives. Significant observable and unobservable inputs include, conversion price, stock price, dividend rate, expected volatility, risk- free rate and term. The multinomial lattice model is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. In determining the initial fair value of the embedded derivatives, the Company used the following inputs in its multinomial lattice model; initial conversion price within the Convertible Notes was $6.25, Common Stock price of $2.94, dividend rate of 0%, expected Common Stock volatility 50.00%, risk-free interest rate 1.53% and contractual term to maturity was 10.3 years. In measuring the embedded derivative liability, the Company used the following inputs in its multinomial lattice model: December 31, 2022 December 31, 2021 Conversion price $6.25 $6.25 Common Stock price $1.40 $1.94 Contractual term to maturity 9.0 years 10.1 years Expected market volatility % 205.00% 80.00% Risk-free interest rate 3.87% 1.51% Traded WHLRL price % of par 120.50% 113.96% The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant liabilities and embedded derivative liability (in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Balance at the beginning of period $ 4,776 $ 594 Issuance of Wilmington Warrant — 2,018 Issuance of embedded derivative — 5,932 Changes in fair value 2,335 (3,768) Balance at ending of period $ 7,111 $ 4,776 |
Rentals under Operating Leases
Rentals under Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Lessor Disclosure [Abstract] | |
Rentals under Operating Leases | Rentals under Operating Leases Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2022 are as follows (in thousands): For the years ended December 31, 2023 $ 71,562 2024 66,076 2025 56,970 2026 46,507 2027 37,195 Thereafter 104,546 Total minimum rents $ 382,856 |
Equity and Mezzanine Equity
Equity and Mezzanine Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity and Mezzanine Equity | Equity and Mezzanine Equity The Company has authority to issue 215,000,000 shares of stock, consisting of 200,000,000 shares of $0.01 par value Common Stock (“Common Stock”) and 15,000,000 shares of preferred stock of which 5,000,000 shares have been classified as no par value Series B Preferred Stock (“Series B Preferred”), 6,000,000 shares as Series D Cumulative Convertible Preferred Stock ("Series D Preferred") and 4,500 shares of Series A Preferred Stock ("Series A Preferred"). Substantially all of our business is conducted through the Company’s Operating Partnership. The Trust is the sole general partner of the Operating Partnership and owned a 99.05% and 98.59% interest in the Operating Partnership as of December 31, 2022 and 2021, respectively. Limited partners in the Operating Partnership have the right to redeem their common units for cash or, at our option, common shares at a ratio of one common unit for one common share. Distributions to common unit holders are paid at the same rate per unit as dividends per share to the Trust’s common stockholders. As of December 31, 2022 and 2021, there were 15,227,758 of common units outstanding with the Trust owning 15,082,816 and 15,012,415, respectively, of these common units. Series A Preferred Stock At December 31, 2022 and 2021, the Company had 562 shares without par value Series A Preferred issued and outstanding and a $1,000 liquidation preference per share, or $562 thousand in aggregate. The Company has the right to redeem the 562 shares of Series A Preferred, on a pro rata basis, at any time at a price equal to 103% of the purchase price for the Series A Preferred. Series B Preferred Stock At December 31, 2022 and 2021, the Company had 3,379,142 and 1,872,448 shares, issued and outstanding, respectively, without par value Series B Preferred with a $25.00 liquidation preference per share, or $84.48 million and $46.81 million, respectively. Holders of Series B Preferred shares have the right to receive, only when and as authorized by the Board of Directors and declared by the Company, out of funds legally available for the payment of dividends, cash dividends, at a rate of 9% per annum of the $25 liquidation preference per share. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20-trading day volume-weighted average closing price of our Common Stock, exceeds $58 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $40.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $40.00 per share of Common Stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. Series D Preferred Stock - Redeemable Preferred Stock and Tender Offers At December 31, 2022 and 2021, the Company had 3,152,392 issued and outstanding, of Series D Preferred, without par value with a $25.00 liquidation preference per share, and a liquidation value of $113.44 million and $104.97 million in aggregate, respectively. Until September 21, 2023, the holders of the Series D Preferred are entitled to receive cumulative cash dividends at a rate of 8.75% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual amount of $2.1875 per share) (the “Initial Rate”). Commencing September 21, 2023, the holders will be entitled to cumulative cash dividends at an annual dividend rate of the Initial Rate increased by 2% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14%. Dividends are payable quarterly in arrears on or before January 15 th , April 15 th , July 15 th and October 15 th of each year. On or after September 21, 2021, the Company may, at its option, redeem the Series D Preferred, for cash at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $16.96 per share of Common Stock. After September 21, 2023, the holders of the Series D Preferred may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date, payable in cash or in shares of Common Stock, or any combination thereof, at the Company's option. The Series D Preferred requires the Company maintain asset coverage of at least 200%. If we fail to maintain asset coverage of at least 200% calculated by determining the percentage value of (i) our total assets plus accumulated depreciation and accumulated amortization minus our total liabilities and indebtedness as reported in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) (exclusive of the book value of any Redeemable and Term Preferred Stock (defined below)) over (ii) the aggregate liquidation preference, plus an amount equal to all accrued and unpaid dividends, of outstanding shares of our Series D Preferred and any outstanding shares of term preferred stock or preferred stock providing for a fixed mandatory redemption date or maturity date (collectively referred to as “Redeemable and Term Preferred Stock”) on the last business day of any calendar quarter (“Asset Coverage Ratio”), and such failure is not cured by the close of business on the date that is 30 calendar days following the filing date of our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for that quarter, or the “Asset Coverage Cure Date,” then we will be required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of Redeemable and Term Preferred Stock, which may include Series D Preferred, at least equal to the lesser of (i) the minimum number of shares of Redeemable and Term Preferred Stock that will result in us having a coverage ratio of at least 200% and (ii) the maximum number of shares of Redeemable and Term Preferred Stock that can be redeemed solely out of funds legally available for such redemption. In connection with any redemption for failure to maintain the Asset Coverage Ratio, we may, in our sole option, redeem any shares of Redeemable and Term Preferred Stock we select, including on a non-pro rata basis. We may elect not to redeem any Series D Preferred to cure such failure as long as we cure our failure to meet the Asset Coverage Ratio by or on the Asset Coverage Cure Date. If shares of Series D Preferred are to be redeemed for failure to maintain the Asset Coverage Ratio, such shares will be redeemed solely in cash at a redemption price equal to $25.00 per share plus an amount equal to all accrued but unpaid dividends, if any, on such shares (whether or not declared) to and including the redemption date. Dividends on the Series D Preferred cumulate from the end of the most recent dividend period for which dividends have been paid. Dividends on the Series D Preferred cumulate whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board of Directors or declared by us. Dividends on the Series D Preferred do not bear interest. If the Company, fails to pay any dividend within three Holders of shares of the Series D Preferred have no voting rights. Pursuant to the Company's Articles Supplementary, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods (a "Preferred Dividend Default") holders of shares of the Series D Preferred and the holders of Series A Preferred and Series B Preferred upon which, like voting rights have been conferred and are exercisable (such the Series A Preferred and Series B Preferred together, being the "Parity Preferred Stock"), shall be entitled to vote for the election of two additional directors to serve on the Board of Directors (the "Series D Preferred Directors"). A Preferred Dividend Default occurred on April 15, 2020. The election of the Series D Preferred Directors will take place upon the written request of the holders of record of at least 20% of the Series D Preferred and Parity Preferred Stock. The Board of Directors is not permitted to fill the vacancies on the Board of Directors as a result of the failure of the holders of 20% of the Series D Preferred and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The Series D Preferred Directors may serve on our Board of Directors, until all unpaid dividends on such Series D Preferred and Parity Preferred Stock, if any, have been paid or declared and a sum sufficient for the payment thereof is set apart for payment. The Company through “modified Dutch auction” tender offers on the Series D Preferred accepted for purchase 387,097 shares at a purchase price of $15.50 per share, for an aggregate cost of $6.00 million on March 12, 2021, and 103,513 shares of Series D Preferred at a purchase price of $18.00 per share, for an aggregate cost of $1.86 million on May 15, 2021, both excluding fees and expenses. The changes in the carrying value of the Series D Preferred for the years ended December 31, 2022 and 2021 is as follows (in thousands): Series D Preferred Balance December 31, 2020 $ 95,563 Accretion of Preferred Stock discount 513 Undeclared dividends 8,237 Paid-in-kind interest, issuance of Preferred Stock 1,610 Redemption of Preferred Stock (13,375) Balance December 31, 2021 92,548 Accretion of Preferred Stock discount 498 Undeclared dividends 8,472 Balance December 31, 2022 $ 101,518 Earnings per share Basic earnings per share for the Company’s common stockholder is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net income (loss) attributable to noncontrolling interests, by the Company’s weighted-average shares of Common Stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) attributable to common stockholders, excluding amounts attributable to preferred stockholders and the net income (loss) attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. The following table summarizes the potential dilution of conversion of common units, Series B Preferred, Series D Preferred, warrants and Convertible Notes into the Company's Common Stock. These have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2022 December 31, 2021 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 144,942 144,942 215,343 215,343 Series B Preferred Stock 3,379,142 2,111,964 1,872,448 1,170,280 Series D Preferred Stock 3,152,392 6,688,898 3,152,392 6,189,366 Warrants to purchase Common Stock — 1,558,134 — 1,558,134 Convertible Notes — 38,562,586 — 31,801,297 Dividends On November 3, 2021, common stockholders of the Company voted to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred. The following table summarizes the Series D Preferred dividends (in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the year ended December 31, 2022 $ 8,472 $ 2.69 For the year ended December 31, 2021 $ 8,167 $ 2.59 The total cumulative dividends in arrears for Series D Preferred (per share $10.99) as of December 31, 2022 is $34.63 million. There were no dividends declared to holders of Common Stock, Series A Preferred, Series B Preferred or Series D Preferred during years ended December 31, 2022 or 2021. 2015 Long-Term Incentive Plan On June 4, 2015, the Company's stockholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 125,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan. As of December 31, 2022, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan and there were no shares issued in 2022 or 2021. 2016 Long-Term Incentive Plan On June 15, 2016, the Company's stockholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Years Ended December 31, Shares Issued Market Value (in thousands) 2022 — $ — 2021 5,000 14 As of December 31, 2022, there are 127,707 shares available for issuance under the Company’s 2016 Incentive Plan. Cancellation of Stock Appreciation Rights Agreement Effective July 5, 2021, Daniel Khoshaba resigned as the President and Chief Executive Officer of the Company and as a member of the Board of Directors and as a member of the Executive Committee of our Board of Directors. Upon Mr. Khoshaba’s cessation of employment with the Company, all of his rights under that certain Stock Appreciation Rights Agreement, dated August 4, 2020, by and between Mr. Khoshaba and the Company (the “SAR Agreement”), were forfeited for no consideration. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Commitments | Lease CommitmentsThe Company has ground leases and leases its corporate headquarters; both are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of December 31, 2022 and 2021, the weighted average remaining lease term of our leases is 34 and 31 years, respectively. Rent expense under the operating lease agreements were $1.15 million and $1.06 million for the years ended December 31, 2022 and 2021, respectively. The Cedar Portfolio has a ground lease which is accounted for as an operating lease expiring in 2071 and is included in the purchase price allocation discussed in Note 3 of this Form 10-K. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 956 $ 902 Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of December 31, 2022 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2022 are as follows (in thousands): For the years ended December 31, 2023 $ 1,113 2024 1,115 2025 1,119 2026 1,148 2027 1,152 Thereafter 30,829 Total minimum lease payments (1) 36,476 Discount (19,998) Operating lease liabilities $ 16,478 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically located in the Mid-Atlantic, Southeast, and Northeast, which markets represented approximately 44%, 41% and 15%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2022. The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Regulatory and Environmental As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation The Company is involved in various legal proceedings arising in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. In addition, the below legal proceedings are in process. David Kelly v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO David Kelly filed suit on May 28, 2020, alleging breach of his employment contract. On March 15, 2022, the Court granted Mr. Kelly $340 thousand with interest thereon at a rate of 6% per annum from the date of termination, April 13, 2020, until paid, plus attorneys' fees and costs in the amount of $311 thousand. On March 31, 2022, $691 thousand was paid to Mr. Kelly. The Company has now fulfilled its obligations pursuant to the Court’s Order in this case. JCP Investment Partnership LP, et al v. Wheeler Real Estate Investment Trust, Inc., United States District Court for the District of Maryland. On March 22, 2021, JCP Investment Partnership, LP, a Texas limited partnership and stockholder of the Company, JCP Investment Partners, LP, a Texas limited partnership and stockholder of the Company, JCP Investment Holdings, LLC, a Texas limited liability company and stockholder of the Company, and JCP Investment Management, LLC, a Texas limited liability company and stockholder of the Company (collectively, the “JCP Plaintiffs”), filed suit against the Company and certain current and former directors and former officers of the Company (the “Individual Defendants”). The complaint alleged that the Company amended provisions of its charter (as set forth in the Articles Supplementary in 2018) governing the issuance of the Company’s Series D Preferred in violation of Maryland corporate law and without obtaining the consent of preferred stockholders and, therefore, the court should declare the Company’s said amendment invalid, enjoin further purportedly unauthorized amendments, and either compel the Company to redeem the JCP Plaintiffs' stock or enter judgment for monetary damages the JCP Plaintiffs purportedly sustained based on the Company’s alleged breach of its contractual duties to redeem the JCP Plaintiffs’ Series D Preferred. The complaint also alleges certain violations of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and alleges that the Individual Defendants violated Section 20(a) of the Exchange Act. The JCP Plaintiffs are each purportedly a holder of the Company’s Series D Preferred. The complaint sought damages, interest, attorneys’ fees, other costs and expenses, and such other relief as the court may deem just and equitable. The Company filed an answer to the complaint denying any liability. The Individual Defendants filed a motion to dismiss the complaint, which was denied. The JCP Plaintiffs filed a Motion For Partial Summary Judgment, as to which the Company and the Individual Defendants filed oppositions. The Judge denied the JCP Plaintiffs' Motion and ordered the parties to prepare a joint discovery schedule. The Judge also ordered the parties to engage in mediation with a Magistrate Judge. During the mediation process, the Company made no offers of settlement. On or about November 2, 2022, the JCP Plaintiffs entered into a Settlement Agreement resolving all their claims against the Individual Defendants, but to which the Company did not join. Thereafter, the JCP Plaintiffs advised the Company that they had decided to dismiss their claims against the Company, and the JCP Plaintiffs requested pursuant to applicable rule that the Company consent to the filing of a Stipulation of Dismissal. The Company consented, and on November 3, 2022, the Stipulation of Dismissal was filed dismissing with prejudice all of the JCP Plaintiffs’ claims against the Company. Steamboat Capital Partners Master Fund, LP and Steamboat Capital Partners II, LP v. Wheeler Real Estate Investment Trust, Inc., Steamboat Capital Partners Master Fund, LP and Steamboat Capital Partners II, LP v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for Baltimore County, Maryland. On September 20, 2022, summary judgment concluded in the Company's favor and the plaintiffs did not file an appeal. In Re: Cedar Realty Trust, Inc. Preferred Shareholder Litigation , Case No.: 1:22-cv-1103, in the United States District Court for the District of Maryland. On April 8, 2022, several purported holders of preferred stock of Cedar Realty Trust, Inc. (“Cedar”) filed a putative class action in the Circuit Court for Montgomery County, Maryland against Cedar, Cedar’s former Board of Directors, and the Company arising out of transactions that included the then pending acquisition of Cedar by the Company. The defendants removed the case to federal court. David Sydney, et. al. v. Cedar Realty Trust, Inc., Wheeler Real Estate Investment Trust, Inc. et al. in the United States District Court for the District of Maryland, Case No. 8:22-cv-01142. On May 6, 2022, a purported holder of preferred stock of Cedar filed a separate putative class action on the United States District Court for the District of Maryland, Case No. 1:22-cv-01103 against Cedar and Cedar’s former Board of Directors arising out of those same transactions. Following the denial of motions seeking to enjoin the acquisition of Cedar by the Company and other preliminary relief, the cases were consolidated under Case No.: 1-22-cv-1103. A consolidated amended complaint was filed on August 24, 2022 (the “Operative Complaint”). The Operative Complaint includes allegations of breach of contract against Cedar with respect to the Articles Supplementary governing the terms of Cedar’s preferred stock and breach of fiduciary duty against the members of Cedar’s former Board of Directors. The plaintiffs allege that Cedar breached their liquidation and conversion rights as set forth in Cedar’s Articles Supplementary, and that the members of Cedar’s former Board of Directors breached their fiduciary duty in structuring the transactions that include the merger. The Complaint further alleges that the Company tortiously interfered with Cedar’s contract with the owners of Cedar’s preferred stock and aided and abetted the alleged breach of fiduciary duty by Cedar’s former Board of Directors. The Operative Complaint seeks damages in an unspecified amount. The Company and Cedar have filed a motion to dismiss the Operative Complaint in its entirety which is fully briefed. The plaintiffs have recently filed a motion to certify an issue of law addressed in the motion to dismiss to Maryland’s Supreme Court. That motion is not yet fully briefed. At this juncture, the outcome of the litigation is uncertain. Krasner v. Cedar Realty Trust, Inc., et. al ., in the United States District Court for the Eastern District of New York, Case No. 2:22-cv-06945. On October 14, 2022, a purported holder of preferred stock of Cedar filed a putative class action in the Supreme Court of the State of New York County of Nassau, Index Number 613985/2022, against Cedar, Cedar’s former Board of Directors, and the Company alleging the same claims asserted in the In Re: Cedar Realty Trust, Inc. Preferred Shareholder Litigation discussed above. The defendants removed the case to federal court. The plaintiff filed a motion to remand the case to state court which is fully briefed. The Company and Cedar intend to seek procedural relief precluding this case from proceeding in tandem with the Maryland action. At this juncture, the outcome of the litigation is uncertain. High Income Securities Fund v. Cedar Realty Trust, Inc., et al. , No. 2:22-cv-4031, in the United States District Court for the Eastern District of New York. On July 11, 2022, a purported holder of the Company's outstanding preferred stock filed a complaint against Cedar and Cedar's former Board of Directors alleging that the Defendants violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that the former Cedar Board are control persons under Section 20(a) of the Exchange Act. On August 12, 2022, Defendants requested permission to file a motion to dismiss, and Plaintiff responded to Defendants’ request on September 7, 2022. The court granted Defendants’ request to file a motion to dismiss on October 25, 2022. Defendants served their motion to dismiss on December 23, 2022, which Plaintiff opposed on January 27, 2023. Defendants filed a reply brief on the motion to dismiss on February 17, 2023. At this juncture, the outcome of the litigation is uncertain. Harbor Pointe Tax Increment Financing On September 1, 2011, the Grove Economic Development Authority issued the Grove Economic Development Authority Tax Increment Revenue Note, Taxable Series 2011 in the amount of $2.42 million, bearing a variable interest rate of 2.29%, not to exceed 14% and payable in 50 semi-annual installments. The proceeds of the bonds were to provide funding for the construction of public infrastructure and other site improvements and to be repaid by incremental additional property taxes generated by development. Harbor Pointe Associates, LLC, then owned by an affiliate of former CEO, Jon Wheeler, entered into an Economic Development Agreement with the Grove Economic Development Authority for this infrastructure development and in the event the ad valorem taxes were insufficient to cover annual debt service, Harbor Pointe Associates, LLC would reimburse the Grove Economic Development Authority (the “Harbor Pointe Agreement”). In 2014, Harbor Pointe Associates, LLC was acquired by the Company. The total debt service shortfall over the life of the bond is uncertain as it is based on ad valorem taxes, assessed property values, property tax rates, LIBOR and future potential development ranging until 2036. The Company’s future total principal obligation under the Harbor Pointe Agreement will be no more than $2.04 million, the principal amount of the bonds, as of December 31, 2022. In addition, the Company may have an interest obligation on the note based on the principal balance and LIBOR rates in effect at future payment dates. The Company funded approximately $42 thousand and $87 thousand, during the years ended December 31, 2022 and 2021, respectively, in debt service shortfalls. No amounts have been accrued for this as of December 31, 2022 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above. Tax Protection Agreement In 2016, in connection with the acquisition of Berkley, Sangaree and Tri-County, the Operating Partnership entered into a tax protection agreement that obligates the Operating Partnership to reimburse Jon Wheeler, the Company's former CEO, for his tax liabilities resulting from the recognition of certain taxable income or gain in the event the Operating Partnership takes certain action prior to November 10, 2023 with respect to Sangaree Plaza, Tri-County Plaza and Berkley. No liability was recorded as of December 31, 2022. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company performs property management and leasing services for Cedar, a subsidiary of the Company. During the year ended December 31, 2022, Cedar paid the Company $1.05 million for these services. Related party amounts due to the Company as of December 31, 2022 were $7.33 million, which consists primarily of financing costs, real estate taxes and costs paid on Cedar's behalf at the closing of the KeyBank-Cedar Loan Agreement. These related party amounts have been eliminated for consolidation purposes. Reimbursement of Proxy Solicitation Expenses The Company agreed to reimburse the Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Value LLC and Joseph Stilwell (collectively, the “Stilwell Group”), for expenses it incurred in connection with the 2019 Stilwell Solicitation. At the 2019 annual meeting, our stockholders elected three nominees designated by the Stilwell Group to the Board of Directors. The Stilwell Group disclosed in the Stilwell Solicitation that it intended to seek reimbursement of the expenses it incurred in connection with such solicitation. This reimbursement was recorded on the consolidated statements of operations as "other expense". During the year ended December 31, 2021, the Company reimbursed the Stilwell Group $369 thousand for these costs. As of December 31, 2021, the Company had reimbursed the Stilwell Group in full for these expenses. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 21, 2023 the Company purchased a 2.5 acre land parcel adjacent to St. George Plaza, located in St. George, SC, for $160 thousand. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule II-Valuation and Qualifying Accounts December 31, 2022 Description Balance at Charged to Deductions Balance at (in thousands) Allowance for doubtful accounts: Year Ended December 31, 2022 $ 4,262 (1) $ 361 $ (1,477) $ 3,146 Year Ended December 31, 2021 $ 994 $ 239 $ (600) $ 633 (1) The Cedar Acquisition purchase price allocation related to allowance for doubtful accounts of $3.63 million is included within the beginning year ended December 31, 2022 column. |
Schedule III-Real Estate and Ac
Schedule III-Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III-Real Estate and Accumulated Depreciation | Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation December 31, 2022 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total WHLR (in thousands) Amscot Building $ — $ 462 $ 31 $ — $ — $ 493 $ 493 Lumber River Village 800 4,487 221 — 1,005 4,503 5,508 Surrey Plaza 381 1,857 516 — 701 2,053 2,754 Tuckernuck 2,115 6,719 1,316 — 2,171 7,979 10,150 Twin City Commons 800 3,041 151 — 809 3,183 3,992 Tampa Festival 4,653 6,691 1,144 — 4,695 7,793 12,488 Forrest Gallery 3,015 7,455 2,645 — 3,192 9,923 13,115 Winslow Plaza 1,325 3,684 462 — 1,582 3,889 5,471 Clover Plaza 356 1,197 29 — 356 1,226 1,582 St. George Plaza 706 1,264 235 — 776 1,429 2,205 South Square 353 1,911 328 — 480 2,112 2,592 Westland Square 887 1,710 216 — 901 1,912 2,813 Waterway Plaza 1,280 1,248 430 — 1,474 1,484 2,958 Cypress Shopping Center 2,064 4,579 367 — 2,064 4,946 7,010 Harrodsburg Marketplace 1,431 2,485 80 — 1,515 2,481 3,996 Port Crossing Shopping Center 792 6,921 212 — 792 7,133 7,925 LaGrange Marketplace 390 2,648 429 — 430 3,037 3,467 DF I-Courtland (1) 196 — — — 196 — 196 DF I-Edenton (1) 746 — — — 746 — 746 Freeway Junction 1,521 6,755 213 — 1,521 6,968 8,489 Bryan Station 1,658 2,756 338 — 1,807 2,945 4,752 Crockett Square 1,546 6,834 233 — 1,565 7,048 8,613 Harbor Pointe (1) 778 — (359) — 419 — 419 Pierpont Centre 484 9,221 494 — 881 9,318 10,199 Brook Run Properties 300 — 8 — 300 8 308 Alex City Marketplace 454 7,837 1,879 — 716 9,454 10,170 Brook Run Shopping Center 2,209 12,919 326 — 2,377 13,077 15,454 Beaver Ruin Village 2,604 8,284 114 — 2,619 8,383 11,002 Beaver Ruin Village II 1,153 2,809 5 — 1,153 2,814 3,967 Chesapeake Square 895 4,112 1,088 — 1,269 4,826 6,095 Sunshine Plaza 1,183 6,368 584 — 1,268 6,867 8,135 Barnett Portfolio 3,107 8,912 497 — 3,293 9,223 12,516 Grove Park 722 4,590 69 — 790 4,591 5,381 Parkway Plaza 772 4,230 72 — 778 4,296 5,074 Fort Howard Square 1,890 7,350 343 — 1,952 7,631 9,583 Conyers Crossing 2,034 6,820 351 — 2,138 7,067 9,205 Darien Shopping Center 188 1,054 (17) — 188 1,037 1,225 Devine Street 365 1,941 (4) — 365 1,937 2,302 Folly Road 5,992 4,527 43 — 6,020 4,542 10,562 Georgetown 742 1,917 126 — 753 2,032 2,785 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total Ladson Crossing $ 2,981 $ 3,920 $ 206 — $ 3,146 $ 3,961 $ 7,107 Lake Greenwood Crossing 550 2,499 17 — 550 2,516 3,066 Lake Murray 447 1,537 42 — 470 1,556 2,026 Litchfield I 568 929 84 — 572 1,009 1,581 Litchfield II 568 936 146 — 572 1,078 1,650 Litchfield Market Village 2,970 4,716 590 — 3,125 5,151 8,276 Moncks Corner — 1,109 9 — — 1,118 1,118 Ridgeland 203 376 — — 203 376 579 Shoppes at Myrtle Park 3,182 5,360 1,103 — 3,182 6,463 9,645 South Lake 804 2,025 931 — 804 2,956 3,760 South Park 943 2,967 114 — 1,005 3,019 4,024 Sangaree 2,302 2,922 762 — 2,503 3,483 5,986 Tri-County 411 3,421 379 — 635 3,576 4,211 Riverbridge 774 5,384 69 — 815 5,412 6,227 Laburnum Square 3,735 5,929 278 — 3,827 6,115 9,942 Franklin Village 2,608 9,426 433 — 2,685 9,782 12,467 Village at Martinsville 5,208 12,879 997 — 5,228 13,856 19,084 New Market Crossing 993 5,216 782 — 1,060 5,931 6,991 Rivergate Shopping Center 1,537 29,177 1,189 — 1,687 30,216 31,903 JANAF 8,267 66,549 1,548 — 8,514 67,850 76,364 Totals $ 91,938 $ 334,872 $ 24,894 $ — $ 96,640 $ 355,064 $ 451,704 CDR Brickyard Plaza $ 1,989 $ 13,119 $ — $ — $ 1,989 $ 13,119 $ 15,108 Carll's Corner 2,193 3,011 — — 2,193 3,011 5,204 Coliseum Marketplace 1,226 3,172 27 — 1,226 3,199 4,425 Fairview Commons 948 2,083 — — 948 2,083 3,031 Fieldstone Marketplace 2,359 2,279 126 — 2,359 2,405 4,764 Gold Star Plaza 1,403 3,223 — — 1,403 3,223 4,626 Golden Triangle 3,322 13,388 (49) — 3,322 13,339 16,661 Hamburg Square 933 4,967 — — 933 4,967 5,900 Kings Plaza 2,192 3,961 — — 2,192 3,961 6,153 Oakland Commons 824 3,080 — — 824 3,080 3,904 Oregon Avenue 3,158 — 277 3,158 277 3,435 Patuxent Crossing 2,999 15,145 450 — 2,999 15,595 18,594 Pine Grove Plaza 1,292 3,832 (3) — 1,292 3,829 5,121 South Philadelphia 11,996 11,137 — — 11,996 11,137 23,133 Southington Center 358 8,429 — — 358 8,429 8,787 Timpany Plaza 1,778 5,754 1 — 1,778 5,755 7,533 Trexler Mall 3,746 22,979 — — 3,746 22,979 26,725 Washington Center Shoppes 3,618 11,354 206 — 3,618 11,560 15,178 Webster Commons 1,565 6,207 113 — 1,565 6,320 7,885 CDR Total $ 47,899 $ 137,120 $ 1,148 $ — $ 47,899 $ 138,268 $ 186,167 Combined Total $ 139,837 $ 471,992 $ 26,042 $ — $ 144,539 $ 493,332 $ 637,871 (1) Net of impairment expenses. As of December 31, 2022, the aggregate cost for federal income tax purposes was approximately $866 million. Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation Property Name Encumbrances Accumulated Date of Date Depreciation WHLR (in thousands) Amscot Building $ 264 5/15/2004 5-40 years Lumber River Village (3) 1,415 11/16/2012 5-40 years Surrey Plaza (3) 652 12/21/2012 5-40 years Tuckernuck $ 4,915 2,598 11/16/2012 5-40 years Twin City Commons (3) 988 12/18/2012 5-40 years Tampa Festival (3) 2,405 8/26/2013 5-40 years Forrest Gallery (3) 2,847 8/29/2013 5-40 years Winslow Plaza 4,409 1,198 12/19/2013 5-40 years Clover Plaza (3) 311 12/23/2013 5-40 years St. George Plaza (3) 342 12/23/2013 5-40 years South Square (3) 478 12/23/2013 5-40 years Westland Square (3) 449 12/23/2013 5-40 years Waterway Plaza (3) 361 12/23/2013 5-40 years Cypress Shopping Center 5,903 1,163 7/1/2014 5-40 years Harrodsburg Marketplace 3,186 629 7/1/2014 5-40 years Port Crossing Shopping Center 5,641 2,249 7/3/2014 5-40 years LaGrange Marketplace (3) 735 7/25/2014 5-40 years DF I-Courtland (undeveloped land) — 8/15/2014 N/A Edenton Commons (undeveloped land) — 8/15/2014 N/A Freeway Junction 7,273 1,652 9/4/2014 5-40 years Bryan Station 4,136 818 10/2/2014 5-40 years Crockett Square 6,338 1,787 11/5/2014 5-40 years Harbor Pointe (undeveloped land) — 11/21/2014 N/A Pierpont Centre 7,716 2,167 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace 5,750 2,378 4/1/2015 5-40 years Brook Run Shopping Center 10,950 3,404 6/2/2015 5-40 years Beaver Ruin Village (2) 1,737 7/1/2015 5-40 years Beaver Ruin Village II (2) 587 7/1/2015 5-40 years Chesapeake Square 4,106 1,344 7/10/2015 5-40 years Sunshine Plaza 5,900 1,539 7/21/2015 5-40 years Barnett Portfolio 8,770 2,076 8/21/2015 5-40 years Grove Park 3,800 1,040 9/9/2015 5-40 years Parkway Plaza 3,500 933 9/15/2015 5-40 years Fort Howard Square 7,100 1,591 9/30/2015 5-40 years Conyers Crossing 5,960 1,669 9/30/2015 5-40 years Darien Shopping Center (3) 179 4/12/2016 5-40 years Devine Street 352 4/12/2016 5-40 years Property Name Encumbrances Accumulated Date of Date Depreciation (in thousands) Folly Road (3) $ 851 4/12/2016 5-40 years Georgetown (3) 385 4/12/2016 5-40 years Ladson Crossing (3) 775 4/12/2016 5-40 years Lake Greenwood Crossing (3) 489 4/12/2016 5-40 years Lake Murray (3) 299 4/12/2016 5-40 years Litchfield I (3) 213 4/12/2016 5-40 years Litchfield II (3) 186 4/12/2016 5-40 years Litchfield Market Village (3) 962 4/12/2016 5-40 years Moncks Corner 225 4/12/2016 5-40 years Ridgeland (3) 92 4/12/2016 5-40 years Shoppes at Myrtle Park 5,615 1,358 4/12/2016 5-40 years South Lake (3) 634 4/12/2016 5-40 years South Park (3) 567 4/12/2016 5-40 years Sangaree (1) 989 11/10/2016 5-40 years Tri-County (1) 761 11/10/2016 5-40 years Riverbridge 4,000 1,021 11/15/2016 5-40 years Laburnum Square 7,665 1,153 12/7/2016 5-40 years Franklin Village 8,144 1,620 12/12/2016 5-40 years Village at Martinsville 15,181 2,733 12/16/2016 5-40 years New Market Crossing (3) 1,036 12/20/2016 5-40 years Rivergate Shopping Center 18,003 5,121 12/21/2016 5-40 years JANAF Shopping Center 60,000 9,685 1/18/2018 5-40 years WHLR Totals $ 75,492 CDR Brickyard Plaza (4) $ 189 8/22/2022 5-40 years Carll's Corner 51 8/22/2022 5-40 years Coliseum Marketplace (5) 72 8/22/2022 5-40 years Fairview Commons (4) 43 8/22/2022 5-40 years Fieldstone Marketplace 69 8/22/2022 5-40 years Gold Star Plaza (4) 71 8/22/2022 5-40 years Golden Triangle (4) 209 8/22/2022 5-40 years Hamburg Square (4) 84 8/22/2022 5-40 years Kings Plaza 81 8/22/2022 5-40 years Oakland Commons 55 8/22/2022 5-40 years Oregon Avenue — 8/22/2022 N/A Patuxent Crossing (5) 250 8/22/2022 5-40 years Pine Grove Plaza (4) 68 8/22/2022 5-40 years South Philadelphia 183 8/22/2022 5-40 years Southington Center (4) 130 8/22/2022 5-40 years Timpany Plaza 105 8/22/2022 5-40 years Trexler Mall (4) 324 8/22/2022 5-40 years Washington Center Shoppes (4) 167 8/22/2022 5-40 years Webster Commons (4) 101 8/22/2022 5-40 years CDR Totals $ 2,252 Combined Totals 77,744 (1) Properties secure a $6.1 million mortgage note. (2) Properties secure a $9.4 million mortgage note. (3) Properties secure a $75.0 million mortgage note. (4) Properties secure a $110.0 million mortgage note. (5) Properties secure a $25.0 million mortgage note. The changes in total real estate assets for the years ended December 31, 2022 and 2021 are as follows: 2022 2021 (in thousands) Balance at beginning of period $ 458,214 $ 464,814 Additions during the period: Acquisitions 185,019 — Improvements 6,777 4,997 Impairments (760) (2,300) Disposals (11,379) (9,297) Balance at end of period $ 637,871 $ 458,214 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Investment Properties | Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded at fair value as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. |
Assets Held for Sale and Discontinued Operations | Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell, an impairment expense is recognized. The Company estimates fair value, less estimated closing costs, based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2022 and 2021. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. |
Conditional Asset Retirement Obligation | Conditional Asset Retirement Obligation |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. |
Tenant Receivables | Tenant Receivables |
Above and Below Market Lease Intangibles, Net | Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. |
Deferred Costs and Other Assets, Net | Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, leases in place, capitalized legal and marketing costs, tenant relationships and ground lease sandwich interest intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of deferred costs and other assets represents a component of depreciation and amortization expense. |
Paycheck Protection Program | Paycheck Protection Program The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. |
Derivative Financial Instruments | Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations |
Debt Issuance Costs | Debt Issuance CostsThe Company may incur debt issuance costs in connection with raising funds through debt. These costs may be paid in the form of cash, or equity (such as warrants and convertible notes). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. |
Lease Contract Revenue | Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. At December 31, 2022 and 2021, there were $6.52 million and $5.77 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net." Additionally, certain lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements as variable lease income. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to stockholders and meet certain other asset and income tests, as well as other requirements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to reasonable cause and certain other conditions were satisfied. Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes |
Financial Instruments | Financial Instruments |
Use of Estimates | Use of Estimates |
Lease Commitments | Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. |
Recently Adopted Accounting Standards and Recent Accounting Pronouncements | Recently Adopted Accounting Standards In August 2020, the FASB issued Accounting Standards Update ("ASU") 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entities Own Equity (Subtopic 815-40).” This ASU simplifies accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. In addition, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The guidance is effective for fiscal years beginning after December 15, 2021. We adopted this guidance effective January 1, 2021 under the modified retrospective adoption approach. There was no effect to the opening balance of retained earnings at the date of adoption. The comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2022, however the Company is early adopting as of January 1, 2022. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables, including straight-line rent receivables, recorded by lessors are explicitly excluded from the scope of Topic 326. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Recent Accounting Pronouncements Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of Company's revenue | The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Minimum rent $ 57,533 $ 45,896 Tenant reimbursements - variable lease revenue 16,665 13,120 Straight-line rents 800 1,060 Percentage rent - variable lease revenue 558 531 Lease termination fees 134 139 Other 1,316 803 Total 77,006 61,549 Credit losses on operating lease receivables (361) (239) Total $ 76,645 $ 61,310 |
Schedule of corporate general and administrative expense | Corporate general & administrative expenses consist of the following (in thousands): Years Ended December 31, 2022 2021 Professional fees $ 3,810 $ 3,116 Compensation and benefits 2,276 1,465 Corporate administration 1,901 1,771 Advertising costs for leasing activities 319 119 Other 314 669 Total $ 8,620 $ 7,140 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
Schedule of impairment expenses | Investment properties consist of the following (in thousands): December 31, 2022 2021 Land and land improvements $ 144,537 $ 96,752 Buildings and improvements 494,668 357,606 Investment properties at cost 639,205 454,358 Less accumulated depreciation (78,225) (67,628) Investment properties, net $ 560,980 $ 386,730 |
Schedule of impaired long-lived assets held and used by asset | Impairment expenses for the years ended December 31, 2022 and 2021 are as follows (in thousands): Years Ended December 31, 2022 2021 Harbor Pointe Land Parcel $ 760 $ — Walnut Hill Plaza — 100 Columbia Fire Station — 2,200 Total $ 760 $ 2,300 |
Schedule of dispositions | As of December 31, 2022 and 2021, assets held for sale and associated liabilities consist of the following (in thousands): December 31, 2022 2021 Investment properties, net $ — $ 1,824 Rents and other tenant receivables, net — 18 Deferred costs and other assets, net — 205 Total assets held for sale $ — $ 2,047 December 31, 2022 2021 Loans payable $ — $ 3,145 Accounts payable, accrued expenses and other liabilities — 236 Total liabilities associated with assets held for sale $ — $ 3,381 The following properties were sold during the years ended December 31, 2022 and 2021 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds December 9, 2022 Butler Square $ 9,250 $ 2,619 $ 8,723 January 11, 2022 Walnut Hill Plaza 1,986 (15) 1,786 November 17, 2021 Columbia Fire Station 4,250 (88) 3,903 August 31, 2021 Rivergate Shopping Center Out Parcel 3,700 1,915 3,451 July 9, 2021 Tulls Creek Land Parcel (1.28 acres) 250 52 222 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75 acres) 4,150 176 3,937 |
Summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed | The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands): Building and building improvements (a) $ 137,120 Land and land improvements (a) 47,899 Lease intangibles (b) 28,215 Above market lease (c) 1,718 Right of use asset adjustment, ground lease (d) 2,913 Cash, accounts receivable and other assets 14,242 Total assets acquired 232,107 Below market lease (c) (23,622) Lease Liabilities, ground lease (d) (3,552) Accounts payable and other liabilities (4,578) Total liabilities acquired (31,752) Noncontrolling interest (e) (64,845) Purchase price allocation of net assets acquired, excluding noncontrolling interests $ 135,510 Purchase consideration: (f) Cash merger consideration $ 130,000 Capitalized acquisition costs 5,510 $ 135,510 a. Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c. Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d. Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e. Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f. Represents merger consideration and capitalized transaction costs. |
Schedule of unaudited pro forma financial information | The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if this acquisition had taken place on January 1, 2021 or 2022. (Amounts presented in thousands, except per share figures). Year Ended 2022 2021 Rental revenues $ 100,315 $ 98,802 Net loss from continuing operations $ (6,950) $ (9,252) Net loss attributable to Wheeler REIT $ (7,022) $ (20,096) Net loss attributable to Wheeler REIT common shareholders $ (26,830) $ (23,893) Basic loss per share $ (2.75) $ (2.46) Diluted loss per share $ (2.75) $ (2.46) |
Deferred Costs and Other Asse_2
Deferred Costs and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of details of deferred costs, net of amortization and other assets | Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2022 2021 Leases in place, net $ 24,956 $ 7,519 Lease origination costs, net 7,165 1,474 Ground lease sandwich interest, net 1,393 1,667 Tenant relationships, net 500 853 Legal and marketing costs, net 389 14 Prepaid expenses 1,456 413 Other 21 33 Total deferred costs and other assets, net $ 35,880 $ 11,973 |
Schedule of future amortization of lease origination costs, financing costs and in place leases | Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Lease Ground lease sandwich interest, net Tenant Legal & Total 2023 $ 7,702 $ 1,264 $ 274 $ 221 $ 101 $ 9,562 2024 5,178 1,120 274 124 84 6,780 2025 3,637 957 274 62 61 4,991 2026 2,394 830 274 11 48 3,557 2027 1,886 719 274 11 33 2,923 Thereafter 4,159 2,275 23 71 62 6,590 $ 24,956 $ 7,165 $ 1,393 $ 500 $ 389 $ 34,403 |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of loans payable and interest expense | The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, December 31, Cypress Shopping Center $ 34,360 4.70 % July 2024 $ 5,903 $ 6,031 Port Crossing $ 34,788 4.84 % August 2024 5,641 5,778 Freeway Junction $ 41,798 4.60 % September 2024 7,273 7,431 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,186 3,267 Bryan Station $ 23,489 4.52 % November 2024 4,136 4,226 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,716 7,861 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,615 5,757 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (2) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza $ 24,295 4.82 % December 2025 4,409 4,483 Tuckernuck $ 32,202 5.00 % March 2026 4,915 5,052 Chesapeake Square $ 23,857 4.70 % August 2026 4,106 4,192 Sangaree/Tri-County $ 32,329 4.78 % December 2026 6,086 6,176 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,144 8,277 Village of Martinsville $ 89,664 4.28 % July 2029 15,181 15,589 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate (3) $ 100,222 4.25 % September 2031 18,003 18,430 Convertible Notes Interest only 7.00 % December 2031 33,000 33,000 Guggenheim Loan Agreement (4) Interest only 4.25 % July 2032 75,000 — JANAF Loan Agreement (5) Interest only 5.31 % July 2032 60,000 — Guggenheim-Cedar Loan Agreement (6) Interest only 5.25 % November 2032 110,000 — Patuxent Crossing/Coliseum Marketplace Loan Agreement Interest only 6.35 % January 2033 25,000 — Walnut Hill Plaza $ 26,850 5.50 % March 2023 — 3,145 Litchfield Market Village $ 46,057 5.50 % November 2022 — 7,312 Twin City Commons $ 17,827 4.86 % January 2023 — 2,843 New Market $ 48,747 5.65 % June 2023 — 6,291 Benefit Street Note $ 53,185 5.71 % June 2023 — 6,914 Deutsche Bank Note $ 33,340 5.71 % July 2023 — 5,488 First National Bank $ 24,656 LIBOR + 350 basis points August 2023 — 789 Lumber River $ 10,723 LIBOR + 350 basis points September 2023 — 1,296 Tampa Festival $ 50,797 5.56 % September 2023 — 7,753 Forrest Gallery $ 50,973 5.40 % September 2023 — 8,060 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 — 11,259 Folly Road $ 41,482 4.65 % March 2025 — 7,063 JANAF $ 333,159 4.49 % July 2023 — 47,065 JANAF Bravo $ 35,076 5.00 % May 2024 — 5,936 JANAF BJ's $ 29,964 4.95 % January 2026 — 4,725 Butler Square Interest only 3.90 % May 2025 — 5,640 Total Principal Balance (1) 482,447 346,262 Unamortized debt issuance cost (1) (16,418) (9,834) Total Loans Payable, including assets held for sale 466,029 336,428 Less loans payable on assets held for sale, net loan amortization costs — 3,145 Total Loans Payable, net $ 466,029 $ 333,283 (1) Includes loans payable on assets held for sale, see Note 3. The loan agreements include customary prepayment penalties or defeasance costs, which can be incurred by the company when prepaying or defeasing loans. (2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (4) Collateralized by 22 properties. (5) Collateralized by JANAF properties. (6) Collateralized by 10 Cedar properties. Interest payments on the Convertible Notes were made as follows (in thousands, except for shares ) For the years ended December 31, Series B Preferred Series D Preferred Convertible Note Interest at 7% Fair value adjustment Paid-in-kind Interest Expense 2021 — 113,709 $ 885 $ 725 $ 1,610 2022 1,511,541 — $ 2,310 $ 1,429 $ 3,739 |
Schedule of company's scheduled principal repayments on indebtedness | The Company’s scheduled principal repayments on indebtedness as of December 31, 2022, are as follows (in thousands): For the years ended December 31, 2023 $ 2,343 2024 33,690 2025 79,697 2026 19,347 2027 9,440 Thereafter 337,930 Total principal repayments and debt maturities $ 482,447 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of stockholders' equity note, warrants or rights | Warrants to purchase shares of common stock outstanding at December 31, 2022 and 2021 are as follows: Warrant Name Warrants Exercise Price Expiration Date Powerscort Warrant 496,415 $3.120 12/22/2023 Wilmington Warrant Tranche A 510,204 $3.430 3/12/2026 Wilmington Warrant Tranche B 424,242 $4.125 3/12/2026 Wilmington Warrant Tranche C 127,273 $6.875 3/12/2026 |
Fair value measurement inputs and valuation techniques | In measuring the warrant liability, the Company used the following inputs in its Monte Carlo Model: For the Years Ended December 31, 2022 2021 Common Stock price $1.40 $1.94 Weighted average contractual term to maturity 2.5 years 3.5 years Range of expected market volatility % 66.00% - 72.88% 70.12% - 81.00% Range of risk-free interest rate 4.14% - 4.68% 0.72% - 1.16% In measuring the embedded derivative liability, the Company used the following inputs in its multinomial lattice model: December 31, 2022 December 31, 2021 Conversion price $6.25 $6.25 Common Stock price $1.40 $1.94 Contractual term to maturity 9.0 years 10.1 years Expected market volatility % 205.00% 80.00% Risk-free interest rate 3.87% 1.51% Traded WHLRL price % of par 120.50% 113.96% |
Summary of the changes in fair value of the company's derivative liabilities | The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant liabilities and embedded derivative liability (in thousands): Year Ended December 31, 2022 Year Ended December 31, 2021 Balance at the beginning of period $ 4,776 $ 594 Issuance of Wilmington Warrant — 2,018 Issuance of embedded derivative — 5,932 Changes in fair value 2,335 (3,768) Balance at ending of period $ 7,111 $ 4,776 |
Rentals under Operating Leases
Rentals under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lessor Disclosure [Abstract] | |
Schedule of future minimum rentals to be received under noncancelable tenant operating leases | Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2022 are as follows (in thousands): For the years ended December 31, 2023 $ 71,562 2024 66,076 2025 56,970 2026 46,507 2027 37,195 Thereafter 104,546 Total minimum rents $ 382,856 |
Equity and Mezzanine Equity (Ta
Equity and Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of changes in carrying value of Series D Preferred | The changes in the carrying value of the Series D Preferred for the years ended December 31, 2022 and 2021 is as follows (in thousands): Series D Preferred Balance December 31, 2020 $ 95,563 Accretion of Preferred Stock discount 513 Undeclared dividends 8,237 Paid-in-kind interest, issuance of Preferred Stock 1,610 Redemption of Preferred Stock (13,375) Balance December 31, 2021 92,548 Accretion of Preferred Stock discount 498 Undeclared dividends 8,472 Balance December 31, 2022 $ 101,518 |
Schedule of antidilutive securities excluded from computation of earnings per share | December 31, 2022 December 31, 2021 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 144,942 144,942 215,343 215,343 Series B Preferred Stock 3,379,142 2,111,964 1,872,448 1,170,280 Series D Preferred Stock 3,152,392 6,688,898 3,152,392 6,189,366 Warrants to purchase Common Stock — 1,558,134 — 1,558,134 Convertible Notes — 38,562,586 — 31,801,297 |
Schedule of dividends declared | The following table summarizes the Series D Preferred dividends (in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the year ended December 31, 2022 $ 8,472 $ 2.69 For the year ended December 31, 2021 $ 8,167 $ 2.59 |
Share-based payment arrangement cost | On June 15, 2016, the Company's stockholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Years Ended December 31, Shares Issued Market Value (in thousands) 2022 — $ — 2021 5,000 14 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of ground lease payments and supplemental information related to leases | Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 956 $ 902 |
Schedule of undiscounted cash flows of scheduled obligations for under operating leases | Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of December 31, 2022 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2022 are as follows (in thousands): For the years ended December 31, 2023 $ 1,113 2024 1,115 2025 1,119 2026 1,148 2027 1,152 Thereafter 30,829 Total minimum lease payments (1) 36,476 Discount (19,998) Operating lease liabilities $ 16,478 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised. |
Organization and Basis of Pre_2
Organization and Basis of Presentation and Consolidation - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2022 ft² property center | Dec. 31, 2021 | |
Real Estate Properties [Line Items] | ||
Ownership interest of operating partnership | 99.05% | 98.59% |
Number of properties | center | 75 | |
Number of undeveloped real estate properties | 4 | |
Total net rentable space in Company's portfolio | ft² | 8,173,000 | |
Leased level | 92.90% | |
Sourth Carolina | ||
Real Estate Properties [Line Items] | ||
Number of properties | 21 | |
Georgia | ||
Real Estate Properties [Line Items] | ||
Number of properties | 12 | |
Virginia | ||
Real Estate Properties [Line Items] | ||
Number of properties | 10 | |
Pennsylvania | ||
Real Estate Properties [Line Items] | ||
Number of properties | 8 | |
North Carolina | ||
Real Estate Properties [Line Items] | ||
Number of properties | 6 | |
Massachusetts | ||
Real Estate Properties [Line Items] | ||
Number of properties | 4 | |
New Jersey | ||
Real Estate Properties [Line Items] | ||
Number of properties | 4 | |
Florida | ||
Real Estate Properties [Line Items] | ||
Number of properties | 3 | |
Connecticut | ||
Real Estate Properties [Line Items] | ||
Number of properties | 3 | |
Kentucky | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2 | |
Tennessee | ||
Real Estate Properties [Line Items] | ||
Number of properties | 2 | |
Alabama | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Maryland | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
West Virginia | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 | |
Oklahoma | ||
Real Estate Properties [Line Items] | ||
Number of properties | 1 |
Organization and Basis of Pre_3
Organization and Basis of Presentation and Consolidation - Acquisition of Cedar Realty Trust (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 22, 2022 property $ / shares | Mar. 02, 2022 center $ / shares | Dec. 31, 2022 USD ($) | |
Series B Preferred Stock | |||
Business Acquisition [Line Items] | |||
Preferred stock cumulative dividend rate per annum | 9% | ||
Cedar | |||
Business Acquisition [Line Items] | |||
Number of shopping center | 19 | 19 | |
Share price (in dollars per share) | $ / shares | $ 9.48 | $ 9.48 | |
Business combination, acquisition related costs | $ | $ 5,510 | ||
Cedar | Series B Preferred Stock | |||
Business Acquisition [Line Items] | |||
Preferred stock cumulative dividend rate per annum | 7.25% | 7.25% | |
Cedar | Series C Preferred Stock | |||
Business Acquisition [Line Items] | |||
Preferred stock cumulative dividend rate per annum | 6.50% | 6.50% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Aug. 22, 2022 | Dec. 31, 2022 USD ($) assetClass $ / shares | Dec. 31, 2021 USD ($) $ / shares | Apr. 24, 2020 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Asset retirement obligation | $ 0 | $ 0 | ||
Maturity of highly liquid investments | 90 days | |||
Insurance coverage provided to a depositor's other deposit accounts held at an FDIC-insured institution | $ 250,000 | |||
Past due rent charge term | 5 days | |||
Allowance for uncollectible accounts | $ 3,150,000 | $ 633,000 | ||
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Fair Value Adjustment of Warrants | Fair Value Adjustment of Warrants | ||
Number of underlying asset classes | assetClass | 2 | |||
Minimum percentage of taxable income to be distributed to stockholders | 90% | |||
Term of disqualification to be taxed as a REIT due to loss of REIT status | 5 years | |||
Legal settlement costs | $ 691,000 | $ 185,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Series B Preferred Stock | ||||
Property, Plant and Equipment [Line Items] | ||||
Preferred stock, dividend rate (as a percent) | 9% | |||
Cedar | Series B Preferred Stock and Series C Preferred Stock | ||||
Property, Plant and Equipment [Line Items] | ||||
Dividends payable | $ 3,910,000 | |||
Cedar | Series B Preferred Stock | ||||
Property, Plant and Equipment [Line Items] | ||||
Preferred stock, dividend rate (as a percent) | 7.25% | 7.25% | ||
Cedar | Series C Preferred Stock | ||||
Property, Plant and Equipment [Line Items] | ||||
Preferred stock, dividend rate (as a percent) | 6.50% | 6.50% | ||
Rent and other tenant receivables | ||||
Property, Plant and Equipment [Line Items] | ||||
Unbilled rent asset, net | $ 6,520,000 | $ 5,770,000 | ||
KeyBank | ||||
Property, Plant and Equipment [Line Items] | ||||
Proceeds received from the Paycheck Protection Program | $ 552,000 | |||
Minimum | Buildings and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of buildings and improvements | 5 years | |||
Maximum | Buildings and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life of buildings and improvements | 40 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,450 | $ 942 |
Subtotal | 77,006 | 61,549 |
Credit losses on operating lease receivables | (361) | (239) |
Total Revenue | 76,645 | 61,310 |
Minimum rent | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 57,533 | 45,896 |
Tenant reimbursements - variable lease revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 16,665 | 13,120 |
Straight-line rents | ||
Disaggregation of Revenue [Line Items] | ||
Straight-line rents | 800 | 1,060 |
Percentage rent - variable lease revenue | ||
Disaggregation of Revenue [Line Items] | ||
Variable lease revenue | 558 | 531 |
Lease termination fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 134 | 139 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 1,316 | $ 803 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Corporate General and Administrative Expenses ("CG&A") (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Abstract] | ||
Professional fees | $ 3,810 | $ 3,116 |
Compensation and benefits | 2,276 | 1,465 |
Corporate administration | 1,901 | 1,771 |
Advertising costs for leasing activities | 319 | 119 |
Other | 314 | 669 |
Total | $ 8,620 | $ 7,140 |
Real Estate - Investment Proper
Real Estate - Investment Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate Properties [Line Items] | ||
Investment properties at cost | $ 639,205 | $ 454,358 |
Less accumulated depreciation | (78,225) | (67,628) |
Investment properties, net | 560,980 | 386,730 |
Land and land improvements | ||
Real Estate Properties [Line Items] | ||
Investment properties at cost | 144,537 | 96,752 |
Buildings and improvements | ||
Real Estate Properties [Line Items] | ||
Investment properties at cost | $ 494,668 | $ 357,606 |
Real Estate - Additional Inform
Real Estate - Additional Information (Details) $ / shares in Units, $ in Thousands, ft² in Millions | 12 Months Ended | |||
Aug. 22, 2022 USD ($) ft² property $ / shares | Mar. 02, 2022 center | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Real Estate Properties [Line Items] | ||||
Depreciation | $ | $ 13,489 | $ 11,072 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Cedar | ||||
Real Estate Properties [Line Items] | ||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.06 | |||
Cedar | ||||
Real Estate Properties [Line Items] | ||||
Area of land | ft² | 2.9 | |||
Number of shopping center | 19 | 19 | ||
Consideration transferred | $ | $ 135,510 |
Real Estate - Impairment Expens
Real Estate - Impairment Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets held for sale | $ 760 | $ 2,300 |
Harbor Pointe Land Parcel | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets held for sale | 760 | 0 |
Walnut Hill Plaza | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets held for sale | 0 | 100 |
Columbia Fire Station | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of assets held for sale | $ 0 | $ 2,200 |
Real Estate - Assets Held for S
Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Total assets held for sale | $ 0 | $ 2,047 |
Liabilities | ||
Loans payable | 0 | 3,381 |
Held-for-sale, Not Discontinued Operations | ||
Assets | ||
Investment properties, net | 0 | 1,824 |
Rents and other tenant receivables, net | 0 | 18 |
Deferred costs and other assets, net | 0 | 205 |
Total assets held for sale | 0 | 2,047 |
Liabilities | ||
Loans payable | 0 | 3,145 |
Accounts payable, accrued expenses and other liabilities | 0 | 236 |
Total liabilities associated with assets held for sale | $ 0 | $ 3,381 |
Real Estate - Dispositions (Det
Real Estate - Dispositions (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 09, 2022 USD ($) | Jan. 11, 2022 USD ($) | Nov. 17, 2021 USD ($) | Aug. 31, 2021 USD ($) | Jul. 09, 2021 USD ($) a | Mar. 25, 2021 USD ($) a | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain on disposal of properties | Gain on disposal of properties | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Butler Square | ||||||||
Real Estate [Line Items] | ||||||||
Contract Price | $ 9,250 | |||||||
Gain (Loss) | 2,619 | |||||||
Net Proceeds | $ 8,723 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Walnut Hill Plaza | ||||||||
Real Estate [Line Items] | ||||||||
Contract Price | $ 1,986 | |||||||
Gain (Loss) | (15) | |||||||
Net Proceeds | $ 1,786 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Columbia Fire Station | ||||||||
Real Estate [Line Items] | ||||||||
Contract Price | $ 4,250 | |||||||
Gain (Loss) | (88) | |||||||
Net Proceeds | $ 3,903 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rivergate Shopping Center Out Parcel | ||||||||
Real Estate [Line Items] | ||||||||
Contract Price | $ 3,700 | |||||||
Gain (Loss) | 1,915 | |||||||
Net Proceeds | $ 3,451 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tulls Creek Land Parcel | ||||||||
Real Estate [Line Items] | ||||||||
Area of land | a | 1.28 | |||||||
Contract Price | $ 250 | |||||||
Gain (Loss) | 52 | |||||||
Net Proceeds | $ 222 | |||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Berkley Shopping Center and Berkley Land Parcel | ||||||||
Real Estate [Line Items] | ||||||||
Area of land | a | 0.75 | |||||||
Contract Price | $ 4,150 | |||||||
Gain (Loss) | 176 | |||||||
Net Proceeds | $ 3,937 |
Real Estate - Assets Acquired a
Real Estate - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 22, 2022 | Dec. 31, 2022 | |
Series B Preferred Stock | ||
Purchase consideration | ||
Preferred stock cumulative dividend rate per annum | 9% | |
Cedar | ||
Assets Acquired | ||
Lease intangibles | $ 28,215 | |
Above market lease | 1,718 | |
Right of use asset adjustment, ground lease | 2,913 | |
Cash, accounts receivable and other assets | 14,242 | |
Total assets acquired | 232,107 | |
Liabilities Acquired | ||
(Below) market lease | (23,622) | |
Lease Liabilities, ground lease | (3,552) | |
Accounts payable and other liabilities | (4,578) | |
Total liabilities acquired | (31,752) | |
Noncontrolling interest | (64,845) | |
Purchase price allocation of net assets acquired, excluding noncontrolling interests | 135,510 | |
Purchase consideration | ||
Cash merger consideration | 130,000 | |
Cash merger consideration | 5,510 | |
Capitalized acquisition costs | $ 135,510 | |
Incremental borrowing rate | 5.25% | |
Cedar | Buildings and improvements | ||
Assets Acquired | ||
Property, plant, and equipment | $ 137,120 | |
Cedar | Land and land improvements | ||
Assets Acquired | ||
Property, plant, and equipment | $ 47,899 | |
Cedar | Series B Preferred Stock | ||
Purchase consideration | ||
Preferred stock cumulative dividend rate per annum | 7.25% | 7.25% |
Cedar | Series C Preferred Stock | ||
Purchase consideration | ||
Preferred stock cumulative dividend rate per annum | 6.50% | 6.50% |
Real Estate - Pro Forma Financi
Real Estate - Pro Forma Financial Information (Details) - Cedar - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Rental revenues | $ 100,315 | $ 98,802 |
Net loss from continuing operations | (6,950) | (9,252) |
Net loss attributable to Wheeler REIT | (7,022) | (20,096) |
Net loss attributable to Wheeler REIT common shareholders | $ (26,830) | $ (23,893) |
Basic loss per share (in dollars per share) | $ (2.75) | $ (2.46) |
Diluted loss per share (in dollars per share) | $ (2.75) | $ (2.46) |
Deferred Costs and Other Asse_3
Deferred Costs and Other Assets - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | $ 35,880 | $ 11,973 |
Lease origination costs, net | 7,165 | 1,474 |
Tenant relationships, net | 500 | 853 |
Prepaid expenses | 1,456 | 413 |
Other | 21 | 33 |
Leases in place, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | 24,956 | 7,519 |
Ground lease sandwich interest, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | 1,393 | 1,667 |
Legal & marketing costs, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | $ 389 | $ 14 |
Deferred Costs and Other Asse_4
Deferred Costs and Other Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Finite-lived intangible assets, accumulated amortization | $ 62,350 | $ 62,940 |
Amortization of intangible assets | $ 6,050 | $ 3,730 |
Deferred Costs and Other Asse_5
Deferred Costs and Other Assets - Future Amortization Expense (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2023 | $ 9,562 |
2024 | 6,780 |
2025 | 4,991 |
2026 | 3,557 |
2027 | 2,923 |
Thereafter | 6,590 |
Total | 34,403 |
Leases in place, net | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 7,702 |
2024 | 5,178 |
2025 | 3,637 |
2026 | 2,394 |
2027 | 1,886 |
Thereafter | 4,159 |
Total | 24,956 |
Lease origination costs, net | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 1,264 |
2024 | 1,120 |
2025 | 957 |
2026 | 830 |
2027 | 719 |
Thereafter | 2,275 |
Total | 7,165 |
Ground lease sandwich interest, net | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 274 |
2024 | 274 |
2025 | 274 |
2026 | 274 |
2027 | 274 |
Thereafter | 23 |
Total | 1,393 |
Tenant relationships, net | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 221 |
2024 | 124 |
2025 | 62 |
2026 | 11 |
2027 | 11 |
Thereafter | 71 |
Total | 500 |
Legal & marketing costs, net | |
Finite-Lived Intangible Assets [Line Items] | |
2023 | 101 |
2024 | 84 |
2025 | 61 |
2026 | 48 |
2027 | 33 |
Thereafter | 62 |
Total | $ 389 |
Loans Payable - Summary of Loan
Loans Payable - Summary of Loans Payable (Details) - USD ($) | 12 Months Ended | |||||||||
Sep. 30, 2021 | Sep. 22, 2021 | May 28, 2021 | May 05, 2021 | Mar. 25, 2021 | Dec. 31, 2022 | Oct. 28, 2022 | Jul. 06, 2022 | Jun. 17, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||||
Loans payable, net | $ 466,029,000 | $ 333,283,000 | ||||||||
Total Principal Balance | 482,447,000 | 346,262,000 | ||||||||
Unamortized debt issuance cost | (16,418,000) | (9,834,000) | ||||||||
Total Loans Payable, including assets held for sale | 466,029,000 | 336,428,000 | ||||||||
Less loans payable on assets held for sale, net loan amortization costs | $ 0 | 3,145,000 | ||||||||
First National Bank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 25,000 | |||||||||
Interest Rate | 4.25% | |||||||||
LIBOR | First National Bank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt spread over variable basis percentage | 3.50% | |||||||||
Convertible Debt | Senior Subordinated Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 7% | |||||||||
Loans payable, net | $ 33,000,000 | 33,000,000 | ||||||||
Cypress Shopping Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 34,360 | |||||||||
Interest Rate | 4.70% | |||||||||
Loans payable, net | $ 5,903,000 | 6,031,000 | ||||||||
Port Crossing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 34,788 | |||||||||
Interest Rate | 4.84% | |||||||||
Loans payable, net | $ 5,641,000 | 5,778,000 | ||||||||
Freeway Junction | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 41,798 | |||||||||
Interest Rate | 4.60% | |||||||||
Loans payable, net | $ 7,273,000 | 7,431,000 | ||||||||
Harrodsburg Marketplace | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 19,112 | |||||||||
Interest Rate | 4.55% | |||||||||
Loans payable, net | $ 3,186,000 | 3,267,000 | ||||||||
Bryan Station | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 23,489 | |||||||||
Interest Rate | 4.52% | |||||||||
Loans payable, net | $ 4,136,000 | 4,226,000 | ||||||||
Crockett Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.47% | |||||||||
Loans payable, net | $ 6,338,000 | 6,338,000 | ||||||||
Pierpont Centre | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 39,435 | |||||||||
Interest Rate | 4.15% | |||||||||
Loans payable, net | $ 7,716,000 | 7,861,000 | ||||||||
Shoppes at Myrtle Park | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 33,180 | |||||||||
Interest Rate | 4.45% | |||||||||
Loans payable, net | $ 5,615,000 | 5,757,000 | ||||||||
Alex City Marketplace | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 3.95% | |||||||||
Loans payable, net | $ 5,750,000 | 5,750,000 | ||||||||
Brook Run Shopping Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.08% | |||||||||
Loans payable, net | $ 10,950,000 | 10,950,000 | ||||||||
Beaver Ruin Village I and II | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.73% | |||||||||
Loans payable, net | $ 9,400,000 | 9,400,000 | ||||||||
Sunshine Shopping Plaza | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.57% | |||||||||
Loans payable, net | $ 5,900,000 | 5,900,000 | ||||||||
Barnett Portfolio | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.30% | |||||||||
Loans payable, net | $ 8,770,000 | 8,770,000 | ||||||||
Fort Howard Shopping Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.57% | |||||||||
Loans payable, net | $ 7,100,000 | 7,100,000 | ||||||||
Conyers Crossing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.67% | |||||||||
Loans payable, net | $ 5,960,000 | 5,960,000 | ||||||||
Grove Park Shopping Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.52% | |||||||||
Loans payable, net | $ 3,800,000 | 3,800,000 | ||||||||
Parkway Plaza | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.57% | |||||||||
Loans payable, net | $ 3,500,000 | 3,500,000 | ||||||||
Winslow Plaza | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 24,295 | |||||||||
Interest Rate | 4.82% | |||||||||
Loans payable, net | $ 4,409,000 | 4,483,000 | ||||||||
Tuckernuck | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 32,202 | |||||||||
Interest Rate | 5% | |||||||||
Loans payable, net | $ 4,915,000 | 5,052,000 | ||||||||
Chesapeake Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 23,857 | |||||||||
Interest Rate | 4.70% | |||||||||
Loans payable, net | $ 4,106,000 | 4,192,000 | ||||||||
Sangaree/Tri-County | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 3,220,000 | $ 32,329 | ||||||||
Interest Rate | 4.78% | |||||||||
Loans payable, net | $ 6,086,000 | 6,176,000 | ||||||||
Riverbridge | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.48% | |||||||||
Loans payable, net | $ 4,000,000 | 4,000,000 | ||||||||
Franklin Village | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 45,336 | |||||||||
Interest Rate | 4.93% | |||||||||
Loans payable, net | $ 8,144,000 | 8,277,000 | ||||||||
Village of Martinsville | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 89,664 | |||||||||
Interest Rate | 4.28% | |||||||||
Loans payable, net | $ 15,181,000 | 15,589,000 | ||||||||
Laburnum Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.28% | |||||||||
Loans payable, net | $ 7,665,000 | 7,665,000 | ||||||||
Rivergate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 100,000 | $ 60,000 | $ 100,222 | |||||||
Interest Rate | 4.25% | 4.25% | ||||||||
Debt spread over variable basis percentage | 2.70% | |||||||||
Loans payable, net | $ 18,500,000 | $ 18,003,000 | 18,430,000 | |||||||
Guggenheim Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.25% | 4.25% | ||||||||
Loans payable, net | $ 75,000,000 | 0 | ||||||||
JANAF Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 5.31% | 5.31% | ||||||||
Loans payable, net | $ 60,000,000 | 0 | ||||||||
Guggenheim-Cedar Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 5.25% | 5.25% | ||||||||
Loans payable, net | $ 110,000,000 | 0 | ||||||||
Patuxent Crossing/Coliseum Marketplace Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 6.35% | |||||||||
Loans payable, net | $ 25,000,000 | 0 | ||||||||
Walnut Hill Plaza | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 26,850 | |||||||||
Interest Rate | 5.50% | |||||||||
Loans payable, net | $ 0 | 3,145,000 | ||||||||
Litchfield Market Village | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 46,057 | |||||||||
Interest Rate | 5.50% | |||||||||
Loans payable, net | $ 0 | 7,312,000 | ||||||||
Twin City Commons | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 17,827 | |||||||||
Interest Rate | 4.86% | |||||||||
Loans payable, net | $ 0 | 2,843,000 | ||||||||
New Market | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 48,747 | |||||||||
Interest Rate | 5.65% | |||||||||
Loans payable, net | $ 0 | 6,291,000 | ||||||||
Benefit Street Note | Line of Credit | Benefit Street Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 53,185 | |||||||||
Interest Rate | 5.71% | |||||||||
Loans payable, net | $ 0 | 6,914,000 | ||||||||
Deutsche Bank Note | Line of Credit | Deutsche Bank Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 33,340 | |||||||||
Interest Rate | 5.71% | |||||||||
Loans payable, net | $ 0 | 5,488,000 | ||||||||
First National Bank | Line of Credit | First National Bank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | 24,656 | |||||||||
Loans payable, net | $ 0 | 789,000 | ||||||||
First National Bank | Line of Credit | LIBOR | First National Bank | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt spread over variable basis percentage | 3.50% | |||||||||
Lumber River | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 10,723 | |||||||||
Loans payable, net | $ 0 | 1,296,000 | ||||||||
Lumber River | LIBOR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt spread over variable basis percentage | 3.50% | |||||||||
Tampa Festival | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 50,797 | |||||||||
Interest Rate | 5.56% | |||||||||
Loans payable, net | $ 0 | 7,753,000 | ||||||||
Forrest Gallery | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 50,973 | |||||||||
Interest Rate | 5.40% | |||||||||
Loans payable, net | $ 0 | 8,060,000 | ||||||||
South Carolina Food Lions Note | Line of Credit | South Carolina Food Lions Note | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 68,320 | |||||||||
Interest Rate | 5.25% | |||||||||
Loans payable, net | $ 0 | 11,259,000 | ||||||||
Folly Road | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 41,482 | |||||||||
Interest Rate | 4.65% | |||||||||
Loans payable, net | $ 0 | 7,063,000 | ||||||||
JANAF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 333,159 | |||||||||
Interest Rate | 4.49% | |||||||||
Loans payable, net | $ 0 | 47,065,000 | ||||||||
JANAF Bravo | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 35,000 | $ 35,076 | ||||||||
Interest Rate | 5% | 5% | ||||||||
Loans payable, net | $ 6,000,000 | $ 0 | 5,936,000 | |||||||
JANAF BJ's | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Monthly Payment | $ 29,964 | |||||||||
Interest Rate | 4.95% | |||||||||
Loans payable, net | $ 0 | 4,725,000 | ||||||||
Butler Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 3.90% | |||||||||
Loans payable, net | $ 0 | $ 5,640,000 |
Loans Payable - Additional Info
Loans Payable - Additional Information (Details) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 28, 2022 USD ($) | Aug. 22, 2022 USD ($) property | Jul. 06, 2022 USD ($) loan | Jun. 17, 2022 USD ($) loan | Feb. 17, 2022 USD ($) | Jan. 11, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 22, 2021 USD ($) | Aug. 31, 2021 USD ($) | Aug. 13, 2021 USD ($) d $ / shares shares | May 28, 2021 USD ($) | May 05, 2021 USD ($) | Mar. 25, 2021 USD ($) | Mar. 12, 2021 USD ($) | Feb. 02, 2021 USD ($) | Jan. 21, 2021 USD ($) | Dec. 22, 2020 $ / shares shares | Jan. 01, 2019 | Dec. 31, 2022 USD ($) property $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 21, 2022 USD ($) | Dec. 09, 2022 USD ($) | Oct. 12, 2021 USD ($) | Jul. 22, 2021 USD ($) | Mar. 11, 2021 tranche shares | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Loans payable, net | $ 466,029,000 | $ 333,283,000 | |||||||||||||||||||||||
Payments of loan prepayment penalties | $ 2,614,000 | $ 687,000 | |||||||||||||||||||||||
Series D Preferred Stock | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Preferred stock cumulative dividend rate per annum | 10.75% | ||||||||||||||||||||||||
Minimum | Series D Preferred Stock | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Preferred stock cumulative dividend rate per annum | 8.75% | 8.75% | |||||||||||||||||||||||
JANAF Bravo | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common stock shares under warrants issued (in shares) | shares | 496,415 | ||||||||||||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 3.12 | ||||||||||||||||||||||||
Anniversary period | 36 months | ||||||||||||||||||||||||
Wilmington Financing Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Common stock shares under warrants issued (in shares) | shares | 1,061,719 | ||||||||||||||||||||||||
Number of tranches | tranche | 3 | ||||||||||||||||||||||||
First National Bank | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 4.25% | ||||||||||||||||||||||||
Debt periodic payment | $ 25,000 | ||||||||||||||||||||||||
Maximum line of credit borrowing capacity | $ 875,000 | ||||||||||||||||||||||||
Line of Credit | JANAF Bravo | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt periodic payment | $ 25,000,000 | ||||||||||||||||||||||||
Line of Credit | Wilmington Financing Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 8% | ||||||||||||||||||||||||
Loans payable, net | $ 35,000,000 | ||||||||||||||||||||||||
Premium, percentage of principal payment | 5% | ||||||||||||||||||||||||
Unamortized premium | $ 1,750,000 | ||||||||||||||||||||||||
7.00% Subordinated Convertible Notes due 2031 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 6.25 | $ 6.25 | |||||||||||||||||||||||
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 7% | ||||||||||||||||||||||||
Debt issued | $ 30,000,000 | $ 30,000,000 | |||||||||||||||||||||||
Common stock shares under warrants issued (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||||||||||
Threshold consecutive trading days | d | 15 | ||||||||||||||||||||||||
Interest multiplier | 0.55 | ||||||||||||||||||||||||
Conversion price (in dollars per share) | $ / shares | $ 6.25 | ||||||||||||||||||||||||
Number of shares required to be redeemed in aggregate (in shares) | shares | 100,000 | ||||||||||||||||||||||||
Discount on conversion, percent | 55% | ||||||||||||||||||||||||
Conversion price discount, percent | 45% | ||||||||||||||||||||||||
Redemption price percentage | 100% | ||||||||||||||||||||||||
Common stock shares under warrants issued (in shares) | shares | 0.125 | ||||||||||||||||||||||||
LIBOR | First National Bank | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt spread over variable basis percentage | 3.50% | ||||||||||||||||||||||||
Rivergate | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Term of credit facility | 20 years | 5 years | |||||||||||||||||||||||
Debt spread over variable basis percentage | 2.70% | ||||||||||||||||||||||||
Debt interest rate | 4.25% | 4.25% | |||||||||||||||||||||||
Debt periodic payment | $ 100,000 | $ 60,000 | $ 100,222 | ||||||||||||||||||||||
Loans payable, net | $ 18,500,000 | $ 18,003,000 | $ 18,430,000 | ||||||||||||||||||||||
Floor rate | 4.25% | ||||||||||||||||||||||||
Monthly principal payment | $ 3,540,000 | ||||||||||||||||||||||||
Rivergate | Minimum | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 4.25% | ||||||||||||||||||||||||
Rivergate | US Treasury (UST) Interest Rate | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt spread over variable basis percentage | 2.70% | ||||||||||||||||||||||||
Rivergate | Prime Rate | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt spread over variable basis percentage | 0.25% | ||||||||||||||||||||||||
Floor rate | 3% | ||||||||||||||||||||||||
Backstop Parties | 7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt issued | $ 2,190,000 | $ 3,000,000 | |||||||||||||||||||||||
Debt issuance aggregated costs | $ 7,100,000 | ||||||||||||||||||||||||
Lumber River Plaza | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 4.25% | ||||||||||||||||||||||||
Debt periodic payment | $ 11,000 | ||||||||||||||||||||||||
Loans payable, net | $ 1,310,000 | ||||||||||||||||||||||||
Lumber River Plaza | LIBOR | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt spread over variable basis percentage | 3.50% | ||||||||||||||||||||||||
Tuckernuck | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 5% | ||||||||||||||||||||||||
Debt periodic payment | $ 32,000 | ||||||||||||||||||||||||
Loans payable, net | $ 5,150,000 | ||||||||||||||||||||||||
Columbia Fire Station | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 14% | ||||||||||||||||||||||||
Debt periodic payment | $ 500,000 | ||||||||||||||||||||||||
Berkley/Sangaree/Tri-County | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 4.78% | ||||||||||||||||||||||||
Debt periodic payment | $ 3,220,000 | $ 32,329 | |||||||||||||||||||||||
Loans payable, net | $ 6,086,000 | 6,176,000 | |||||||||||||||||||||||
Payments of loan prepayment penalties | $ 687,000 | ||||||||||||||||||||||||
JANAF Bravo | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 5% | 5% | |||||||||||||||||||||||
Debt periodic payment | $ 35,000 | $ 35,076 | |||||||||||||||||||||||
Loans payable, net | $ 6,000,000 | $ 0 | 5,936,000 | ||||||||||||||||||||||
Walnut Hill Plaza | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 5.50% | ||||||||||||||||||||||||
Debt periodic payment | $ 26,850 | ||||||||||||||||||||||||
Loans payable, net | $ 0 | 3,145,000 | |||||||||||||||||||||||
Repayments of debt | $ 1,340,000 | $ 1,790,000 | |||||||||||||||||||||||
Guggenheim Loan Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 4.25% | 4.25% | |||||||||||||||||||||||
Number of collateral real estate properties | property | 22 | ||||||||||||||||||||||||
Debt issued | $ 75,000,000 | ||||||||||||||||||||||||
Loans payable, net | $ 75,000,000 | 0 | |||||||||||||||||||||||
Payments of loan prepayment penalties | $ 1,460,000 | ||||||||||||||||||||||||
Debt instrument, amortization term | 30 years | ||||||||||||||||||||||||
Number loans refinanced | loan | 11 | ||||||||||||||||||||||||
JANAF Loan Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 5.31% | 5.31% | |||||||||||||||||||||||
Debt issued | $ 60,000,000 | ||||||||||||||||||||||||
Loans payable, net | $ 60,000,000 | 0 | |||||||||||||||||||||||
Payments of loan prepayment penalties | $ 1,160,000 | ||||||||||||||||||||||||
Number loans refinanced | loan | 3 | ||||||||||||||||||||||||
KeyBank-Cedar Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of collateral real estate properties | property | 19 | ||||||||||||||||||||||||
Debt issued | $ 130,000,000 | ||||||||||||||||||||||||
KeyBank-Cedar Agreement | Secured Debt | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument, additional margin | 4% | ||||||||||||||||||||||||
KeyBank-Cedar Agreement | Commencing in February 2023 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt instrument, additional margin | 2.50% | ||||||||||||||||||||||||
KeyBank-Cedar Agreement | Secured Overnight Financing Rate (SOFR) | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 0.10% | ||||||||||||||||||||||||
Guggenheim-Cedar Loan Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 5.25% | 5.25% | |||||||||||||||||||||||
Number of collateral real estate properties | property | 10 | ||||||||||||||||||||||||
Debt issued | $ 110,000,000 | ||||||||||||||||||||||||
Loans payable, net | $ 110,000,000 | 0 | |||||||||||||||||||||||
Debt instrument, amortization term | 30 years | ||||||||||||||||||||||||
Butler Square | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 3.90% | ||||||||||||||||||||||||
Debt issued | $ 5,640,000 | ||||||||||||||||||||||||
Loans payable, net | $ 0 | $ 5,640,000 | |||||||||||||||||||||||
Coliseum Marketplace Loan Agreement | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt interest rate | 6.35% | ||||||||||||||||||||||||
Debt issued | $ 25,000,000 |
Loans Payable - Summary of Inte
Loans Payable - Summary of Interest related to the Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 22, 2021 | |
Debt Instrument [Line Items] | |||
Fair value adjustment | $ 1,429 | $ 725 | |
Paid-in-kind Interest Expense | 3,739 | 1,610 | |
7.00% Subordinated Convertible Notes due 2031 | Convertible Debt | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 7% | ||
Interest expense | $ 2,310 | $ 885 | |
Series B Preferred Stock | |||
Debt Instrument [Line Items] | |||
Payment of interest expense (in shares) | 1,511,541 | 0 | |
Series D Preferred Stock | |||
Debt Instrument [Line Items] | |||
Payment of interest expense (in shares) | 0 | 113,709 |
Loans Payable - Summary of Comp
Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 2,343 |
2024 | 33,690 |
2025 | 79,697 |
2026 | 19,347 |
2027 | 9,440 |
Thereafter | 337,930 |
Total principal repayments and debt maturities | $ 482,447 |
Derivative Liabilities - Additi
Derivative Liabilities - Additional Information (Details) | Dec. 31, 2022 $ / shares tranche | Dec. 31, 2021 $ / shares |
7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input, expected term | 10 years 3 months 18 days | |
Conversion price (in dollars per share) | $ 6.25 | $ 6.25 |
Common Stock price | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 1.40 | 1.94 |
Common Stock price | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 2.94 | |
Derivative liability, measurement input | 1.40 | 1.94 |
Range of expected market volatility % | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 0.5000 | |
Derivative liability, measurement input | 2.0500 | 0.8000 |
Range of risk-free interest rate | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 0.0153 | |
Derivative liability, measurement input | 0.0387 | 0.0151 |
Dividend rate | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 0 | |
Wilmington Financing Agreement | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Number of tranches | tranche | 3 | |
Measurement input, expected term | 5 years | |
Wilmington Financing Agreement | Common Stock price | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 3.75 | |
Wilmington Financing Agreement | Range of expected market volatility % | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 0.5472 | |
Wilmington Financing Agreement | Range of risk-free interest rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement inputs | 0.0091 |
Derivative Liabilities - Schedu
Derivative Liabilities - Schedule of Warrants to Purchase Common Stock (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Exercise Price $3.120 | Powerscort Warrant | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants outstanding (in shares) | 496,415 | 496,415 |
Conversion price (in dollars per share) | $ 3.120 | $ 3.120 |
Exercise Price $3.430 | Wilmington Warrant Tranche A | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants outstanding (in shares) | 510,204 | 510,204 |
Conversion price (in dollars per share) | $ 3.430 | $ 3.430 |
Exercise Price $4.125 | Wilmington Warrant Tranche B | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants outstanding (in shares) | 424,242 | 424,242 |
Conversion price (in dollars per share) | $ 4.125 | $ 4.125 |
Exercise Price $6.875 | Wilmington Warrant Tranche C | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants outstanding (in shares) | 127,273 | 127,273 |
Conversion price (in dollars per share) | $ 6.875 | $ 6.875 |
Derivative Liabilities - Monte
Derivative Liabilities - Monte Carlo Model (Details) | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares |
7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, term | 10 years 3 months 18 days | |
Common Stock price | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 1.40 | 1.94 |
Common Stock price | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 2.94 | |
Weighted average contractual term to maturity | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, term | 2 years 6 months | 3 years 6 months |
Range of expected market volatility % | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.5000 | |
Range of expected market volatility % | Minimum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.6600 | 0.7012 |
Range of expected market volatility % | Maximum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.7288 | 0.8100 |
Range of risk-free interest rate | 7.00% Subordinated Convertible Notes due 2031 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0153 | |
Range of risk-free interest rate | Minimum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0414 | 0.0072 |
Range of risk-free interest rate | Maximum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.0468 | 0.0116 |
Derivative Liabilities - Multin
Derivative Liabilities - Multinomial Lattice Model (Details) - 7.00% Subordinated Convertible Notes due 2031 | Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Conversion price (in dollars per share) | $ 6.25 | $ 6.25 |
Common Stock price | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 1.40 | 1.94 |
Contractual term to maturity | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 9 | 10.1 |
Expected market volatility % | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 2.0500 | 0.8000 |
Risk-free interest rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 0.0387 | 0.0151 |
Traded WHLRL price % of par | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 1.2050 | 1.1396 |
Derivative Liabilities - Change
Derivative Liabilities - Changes in Fair Value of the Derivative Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance at the beginning of period | $ 4,776 | $ 594 |
Issuances | 0 | 5,932 |
Changes in fair value | 2,335 | (3,768) |
Balance at ending of period | 7,111 | 4,776 |
Wilmington Financing Agreement | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Issuances | $ 0 | $ 2,018 |
Rentals under Operating Lease_2
Rentals under Operating Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Lessor Disclosure [Abstract] | |
2023 | $ 71,562 |
2024 | 66,076 |
2025 | 56,970 |
2026 | 46,507 |
2027 | 37,195 |
Thereafter | 104,546 |
Total minimum rents | $ 382,856 |
Equity and Mezzanine Equity - A
Equity and Mezzanine Equity - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
May 15, 2021 USD ($) $ / shares shares | Mar. 12, 2021 USD ($) $ / shares shares | Jan. 01, 2019 | Dec. 31, 2022 USD ($) director qtr $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Jun. 15, 2016 shares | Jun. 04, 2015 shares | |
Equity [Line Items] | |||||||
Authority to issue stock (in shares) | 215,000,000 | ||||||
Shares of common stock authorized (in shares) | 200,000,000 | 200,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Ownership interest of operating partnership | 99.05% | 98.59% | |||||
Units to stock conversion ratio | 1 | ||||||
Common units outstanding (in shares) | 15,082,816 | 15,012,415 | |||||
Trust Owning | |||||||
Equity [Line Items] | |||||||
Common units outstanding (in shares) | 15,227,758 | 15,227,758 | |||||
Exchange of Stock for Stock | Maximum | |||||||
Equity [Line Items] | |||||||
Shares of common stock authorized (in shares) | 200,000,000 | ||||||
Preferred stock, shares authorized (in shares) | 15,000,000 | ||||||
Series B Preferred Stock | |||||||
Equity [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||||
Preferred stock, shares issued (in shares) | 3,379,142 | 1,872,448 | |||||
Preferred stock outstanding (in shares) | 3,379,142 | 1,872,448 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||
Preferred stock, liquidation preference value | $ | $ 84,480 | $ 46,810 | |||||
Preferred stock cumulative dividend rate per annum | 9% | ||||||
Terms of conversion | 20 days | ||||||
Adjusted conversion price of preferred to common (in usd per share) | $ / shares | $ 58 | ||||||
Redemption price per (in dollars per share) | $ / shares | 40 | ||||||
Dividends declared to holders of common stock (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Series D Preferred Stock | |||||||
Equity [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 6,000,000 | ||||||
Preferred stock shares redeemed (in shares) | 3,152,392 | 3,152,392 | |||||
Per share amounts of preferred dividends in arrears (in dollars per share) | $ / shares | $ 10.99 | ||||||
Dividends declared to holders of common stock (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Series A Preferred Stock | |||||||
Equity [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 4,500 | 4,500 | |||||
Preferred stock, shares issued (in shares) | 562 | 562 | |||||
Preferred stock outstanding (in shares) | 562 | 562 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 1,000 | $ 1,000 | |||||
Preferred stock, liquidation preference value | $ | $ 562 | $ 562 | |||||
Preferred stock shares redeemed (in shares) | 562 | ||||||
Percentage of price at which common stock is sold in secondary offering | 103% | ||||||
Dividends declared to holders of common stock (in dollars per share) | $ / shares | $ 0 | $ 0 | |||||
Series D Preferred Stock | |||||||
Equity [Line Items] | |||||||
Preferred stock, shares issued (in shares) | 3,152,392 | 3,152,392 | |||||
Preferred stock outstanding (in shares) | 3,152,392 | 3,152,392 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||
Preferred stock, liquidation preference value | $ | $ 113,440 | $ 104,970 | |||||
Preferred stock cumulative dividend rate per annum | 10.75% | ||||||
Redemption price per (in dollars per share) | $ / shares | $ 25 | ||||||
Initial liquidation preference per share (in dollars per share) | $ / shares | $ 2.1875 | ||||||
Dividend over initial rate | 2% | ||||||
Secondary offering common (in dollars per share) | $ / shares | $ 16.96 | ||||||
Ratio of asset coverage to total debt | 200% | ||||||
Period to pay dividends after payment date | 3 days | ||||||
Liquidation preference per share per annum (in dollars per share) | $ / shares | $ 0.50 | ||||||
Minimum consecutive quarterly periods for dividends in arrears | qtr | 6 | ||||||
Number of additional directors | director | 2 | ||||||
Percentage of holders of shares outstanding | 20% | ||||||
Series D Preferred Stock | Maximum | |||||||
Equity [Line Items] | |||||||
Preferred stock cumulative dividend rate per annum | 14% | ||||||
Series D Preferred Stock | Minimum | |||||||
Equity [Line Items] | |||||||
Preferred stock cumulative dividend rate per annum | 8.75% | 8.75% | |||||
Series D Preferred Stock | Modified Dutch Auction | |||||||
Equity [Line Items] | |||||||
Number of shares issued in transaction (in shares) | 103,513 | 387,097 | |||||
Stock repurchased and retired (in dollars per share) | $ / shares | $ 15.50 | ||||||
Sale of stock, consideration received on transaction | $ | $ 1,860 | $ 6,000 | |||||
Sale of stock, price per share (in dollars per share) | $ / shares | $ 18 | ||||||
Common Stock | 2015 Incentive Plan | |||||||
Equity [Line Items] | |||||||
Number of shares authorized under Share Incentive Plan (in shares) | 125,000 | ||||||
Shares available for issuance under the Company’s Share Incentive Plan (in shares) | 41,104 | ||||||
Issuance of common stock under Share Incentive Plan (in shares) | 0 | 0 | |||||
Common Stock | 2016 Incentive Plan | |||||||
Equity [Line Items] | |||||||
Number of shares authorized under Share Incentive Plan (in shares) | 625,000 | ||||||
Shares available for issuance under the Company’s Share Incentive Plan (in shares) | 127,707 | ||||||
Issuance of common stock under Share Incentive Plan (in shares) | 0 | 5,000,000 |
Equity and Mezzanine Equity - C
Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Cumulative Convertible Preferred Stock - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Series D Preferred, Beginning Balance | $ 92,548 | $ 95,563 |
Accretion of Preferred Stock discount | 498 | 513 |
Undeclared dividends | 8,472 | 8,237 |
Paid-in-kind interest, issuance of Preferred Stock | 1,610 | |
Redemption of Preferred Stock | (13,375) | |
Series D Preferred, Ending Balance | $ 101,518 | $ 92,548 |
Equity and Mezzanine Equity -_2
Equity and Mezzanine Equity - Antidiluted Securities Excluded From Calculation of Earning Per Share (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common units outstanding (in shares) | 15,082,816 | 15,012,415 |
Series B Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Preferred stock outstanding (in shares) | 3,379,142 | 1,872,448 |
Potential dilutive shares (in shares) | 2,111,964 | 1,170,280 |
Series D Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Preferred stock outstanding (in shares) | 3,152,392 | 3,152,392 |
Potential dilutive shares (in shares) | 6,688,898 | 6,189,366 |
Common units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common units outstanding (in shares) | 144,942 | 215,343 |
Potential dilutive shares (in shares) | 144,942 | 215,343 |
Warrants to purchase Common Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive shares (in shares) | 1,558,134 | 1,558,134 |
Convertible Notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive shares (in shares) | 38,562,586 | 31,801,297 |
Equity and Mezzanine Equity - D
Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Arrears | $ 34,630 | |
Series D Cumulative Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Arrears | $ 8,472 | $ 8,167 |
Per Share (in dollars per share) | $ 2.69 | $ 2.59 |
Equity and Mezzanine Equity - L
Equity and Mezzanine Equity - Long Term Incentive Plans (Details) - 2016 Incentive Plan - Common Stock - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Shares Issued (in shares) | 0 | 5,000,000 |
Market Value | $ 0 | $ 14 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) option | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Weighted-average remaining lease term | 34 years | 31 years |
Total rent expense | $ | $ 1,150 | $ 1,060 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, number of renew options | option | 1 | |
Operating lease term | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term | 50 years |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 956 | $ 902 |
Lease Commitments Undiscounted
Lease Commitments Undiscounted Cash Flows of Scheduled Obligations Under Operations Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 1,113 | |
2024 | 1,115 | |
2025 | 1,119 | |
2026 | 1,148 | |
2027 | 1,152 | |
Thereafter | 30,829 | |
Total minimum lease payments | 36,476 | |
Discount | (19,998) | |
Operating lease liabilities | 16,478 | $ 13,040 |
Operating lease options to extend | $ 7,540 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended | ||||
Mar. 31, 2022 USD ($) | Mar. 15, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 01, 2011 USD ($) semi-annualInstallment | |
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC | |||||
Loss Contingencies [Line Items] | |||||
Debt issued | $ 2,420,000 | ||||
Number of semi-annual payment installments | semi-annualInstallment | 50 | ||||
Guarantor obligations, maximum exposure amount | $ 2,040,000 | ||||
Guarantor obligations, amount funded | $ 42,000 | $ 87,000 | |||
Amounts accrued for guarantor obligations | $ 0 | ||||
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Interest rate, percent | 2.29% | ||||
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC | Maximum | |||||
Loss Contingencies [Line Items] | |||||
Interest rate, percent | 14% | ||||
David Kelly v. Wheeler Real Estate Investment Trust, Inc. | Settled Litigation | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 340,000 | ||||
Interest awarded, percent | 6% | ||||
Payments for legal settlements | $ 691,000 | ||||
David Kelly v. Wheeler Real Estate Investment Trust, Inc. | Settled Litigation | Attorneys' Fees | |||||
Loss Contingencies [Line Items] | |||||
Payments for legal settlements | $ 311,000 | ||||
Mid Atlantic | |||||
Loss Contingencies [Line Items] | |||||
Percentage accounted by properties of its annualized base rent | 44% | ||||
Southeast | |||||
Loss Contingencies [Line Items] | |||||
Percentage accounted by properties of its annualized base rent | 41% | ||||
Northeast | |||||
Loss Contingencies [Line Items] | |||||
Percentage accounted by properties of its annualized base rent | 15% |
Related Party Transactions (Det
Related Party Transactions (Details) - Affiliated Entity $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2019 nominee | |
Cedar | Property Management and Leasing Services | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | $ 1,050 | ||
Due from Related Parties | $ 7,330 | ||
Stilwell Group | |||
Related Party Transaction [Line Items] | |||
Nominees designated | nominee | 3 | ||
Stilwell Group | Proxy Solicitation Expenses | |||
Related Party Transaction [Line Items] | |||
Amounts paid to affiliates | $ 369 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - St. George Plaza $ in Thousands | Feb. 21, 2023 USD ($) a |
Subsequent Event [Line Items] | |
Area of land | a | 2.5 |
Purchase of land | $ | $ 160 |
Schedule II-Valuation and Qua_2
Schedule II-Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Year | $ 3,146 | $ 4,262 |
Balance at Beginning of Year | 633 | 994 |
Charged to Costs and Expense | 361 | 239 |
Deductions from Reserves | (1,477) | (600) |
Balance at End of Year | 3,146 | 4,262 |
Balance at End of Year | $ 633 | |
Cedar | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at End of Year | $ 3,630 |
Schedule III-Real Estate and _2
Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Initial Cost | ||
Land | $ 139,837 | |
Building and Improvements | 471,992 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 26,042 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 144,539 | |
Building and Improvements | 493,332 | |
Total | 637,871 | $ 458,214 |
Aggregate cost for federal income tax purposes | 866,000 | |
Accumulated Depreciation | 77,744 | |
Loans payable, net | 466,029 | 333,283 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at beginning of period | 458,214 | 464,814 |
Acquisitions | 185,019 | 0 |
Improvements | 6,777 | 4,997 |
Impairments | (760) | (2,300) |
Disposals | (11,379) | (9,297) |
Balance at end of period | 637,871 | $ 458,214 |
Cedar | ||
Initial Cost | ||
Land | 47,899 | |
Building and Improvements | 137,120 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,148 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 47,899 | |
Building and Improvements | 138,268 | |
Total | 186,167 | |
Accumulated Depreciation | 2,252 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | 186,167 | |
WHLR | ||
Initial Cost | ||
Land | 91,938 | |
Building and Improvements | 334,872 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 24,894 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 96,640 | |
Building and Improvements | 355,064 | |
Total | 451,704 | |
Accumulated Depreciation | 75,492 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | 451,704 | |
Amscot Building | ||
Initial Cost | ||
Land | 0 | |
Building and Improvements | 462 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 31 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 0 | |
Building and Improvements | 493 | |
Total | 493 | |
Accumulated Depreciation | $ 264 | |
Date of Construction | May 15, 2004 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 493 | |
Amscot Building | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Amscot Building | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Lumber River Village | ||
Initial Cost | ||
Land | $ 800 | |
Building and Improvements | 4,487 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 221 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,005 | |
Building and Improvements | 4,503 | |
Total | 5,508 | |
Accumulated Depreciation | $ 1,415 | |
Date Acquired | Nov. 16, 2012 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,508 | |
Lumber River Village | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Lumber River Village | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Surrey Plaza | ||
Initial Cost | ||
Land | $ 381 | |
Building and Improvements | 1,857 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 516 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 701 | |
Building and Improvements | 2,053 | |
Total | 2,754 | |
Accumulated Depreciation | $ 652 | |
Date Acquired | Dec. 21, 2012 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,754 | |
Surrey Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Surrey Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Tuckernuck | ||
Initial Cost | ||
Land | $ 2,115 | |
Building and Improvements | 6,719 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,316 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,171 | |
Building and Improvements | 7,979 | |
Total | 10,150 | |
Encumbrances | 4,915 | |
Accumulated Depreciation | $ 2,598 | |
Date Acquired | Nov. 16, 2012 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 10,150 | |
Tuckernuck | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Tuckernuck | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Twin City Commons | ||
Initial Cost | ||
Land | $ 800 | |
Building and Improvements | 3,041 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 151 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 809 | |
Building and Improvements | 3,183 | |
Total | 3,992 | |
Accumulated Depreciation | $ 988 | |
Date Acquired | Dec. 18, 2012 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,992 | |
Twin City Commons | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Twin City Commons | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Tampa Festival | ||
Initial Cost | ||
Land | $ 4,653 | |
Building and Improvements | 6,691 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,144 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 4,695 | |
Building and Improvements | 7,793 | |
Total | 12,488 | |
Accumulated Depreciation | $ 2,405 | |
Date Acquired | Aug. 26, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 12,488 | |
Tampa Festival | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Tampa Festival | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Forrest Gallery | ||
Initial Cost | ||
Land | $ 3,015 | |
Building and Improvements | 7,455 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 2,645 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,192 | |
Building and Improvements | 9,923 | |
Total | 13,115 | |
Accumulated Depreciation | $ 2,847 | |
Date Acquired | Aug. 29, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 13,115 | |
Forrest Gallery | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Forrest Gallery | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Winslow Plaza | ||
Initial Cost | ||
Land | $ 1,325 | |
Building and Improvements | 3,684 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 462 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,582 | |
Building and Improvements | 3,889 | |
Total | 5,471 | |
Encumbrances | 4,409 | |
Accumulated Depreciation | $ 1,198 | |
Date Acquired | Dec. 19, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,471 | |
Winslow Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Winslow Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Clover Plaza | ||
Initial Cost | ||
Land | $ 356 | |
Building and Improvements | 1,197 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 29 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 356 | |
Building and Improvements | 1,226 | |
Total | 1,582 | |
Accumulated Depreciation | $ 311 | |
Date Acquired | Dec. 23, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 1,582 | |
Clover Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Clover Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
St. George Plaza | ||
Initial Cost | ||
Land | $ 706 | |
Building and Improvements | 1,264 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 235 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 776 | |
Building and Improvements | 1,429 | |
Total | 2,205 | |
Accumulated Depreciation | $ 342 | |
Date Acquired | Dec. 23, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,205 | |
St. George Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
St. George Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
South Square | ||
Initial Cost | ||
Land | $ 353 | |
Building and Improvements | 1,911 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 328 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 480 | |
Building and Improvements | 2,112 | |
Total | 2,592 | |
Accumulated Depreciation | $ 478 | |
Date Acquired | Dec. 23, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,592 | |
South Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
South Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Westland Square | ||
Initial Cost | ||
Land | $ 887 | |
Building and Improvements | 1,710 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 216 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 901 | |
Building and Improvements | 1,912 | |
Total | 2,813 | |
Accumulated Depreciation | $ 449 | |
Date Acquired | Dec. 23, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,813 | |
Westland Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Westland Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Waterway Plaza | ||
Initial Cost | ||
Land | $ 1,280 | |
Building and Improvements | 1,248 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 430 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,474 | |
Building and Improvements | 1,484 | |
Total | 2,958 | |
Accumulated Depreciation | $ 361 | |
Date Acquired | Dec. 23, 2013 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,958 | |
Waterway Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Waterway Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Cypress Shopping Center | ||
Initial Cost | ||
Land | $ 2,064 | |
Building and Improvements | 4,579 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 367 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,064 | |
Building and Improvements | 4,946 | |
Total | 7,010 | |
Encumbrances | 5,903 | |
Accumulated Depreciation | $ 1,163 | |
Date Acquired | Jul. 01, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 7,010 | |
Cypress Shopping Center | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Cypress Shopping Center | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Harrodsburg Marketplace | ||
Initial Cost | ||
Land | $ 1,431 | |
Building and Improvements | 2,485 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 80 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,515 | |
Building and Improvements | 2,481 | |
Total | 3,996 | |
Encumbrances | 3,186 | |
Accumulated Depreciation | $ 629 | |
Date Acquired | Jul. 01, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,996 | |
Harrodsburg Marketplace | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Harrodsburg Marketplace | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Port Crossing Shopping Center | ||
Initial Cost | ||
Land | $ 792 | |
Building and Improvements | 6,921 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 212 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 792 | |
Building and Improvements | 7,133 | |
Total | 7,925 | |
Encumbrances | 5,641 | |
Accumulated Depreciation | $ 2,249 | |
Date Acquired | Jul. 03, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 7,925 | |
Port Crossing Shopping Center | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Port Crossing Shopping Center | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
LaGrange Marketplace | ||
Initial Cost | ||
Land | $ 390 | |
Building and Improvements | 2,648 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 429 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 430 | |
Building and Improvements | 3,037 | |
Total | 3,467 | |
Accumulated Depreciation | $ 735 | |
Date Acquired | Jul. 25, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,467 | |
LaGrange Marketplace | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
LaGrange Marketplace | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
DF I-Courtland | ||
Initial Cost | ||
Land | $ 196 | |
Building and Improvements | 0 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 196 | |
Building and Improvements | 0 | |
Total | 196 | |
Accumulated Depreciation | $ 0 | |
Date Acquired | Aug. 15, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 196 | |
DF I-Edenton | ||
Initial Cost | ||
Land | 746 | |
Building and Improvements | 0 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 746 | |
Building and Improvements | 0 | |
Total | 746 | |
Accumulated Depreciation | $ 0 | |
Date Acquired | Aug. 15, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 746 | |
Freeway Junction | ||
Initial Cost | ||
Land | 1,521 | |
Building and Improvements | 6,755 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 213 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,521 | |
Building and Improvements | 6,968 | |
Total | 8,489 | |
Encumbrances | 7,273 | |
Accumulated Depreciation | $ 1,652 | |
Date Acquired | Sep. 04, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 8,489 | |
Freeway Junction | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Freeway Junction | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Bryan Station | ||
Initial Cost | ||
Land | $ 1,658 | |
Building and Improvements | 2,756 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 338 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,807 | |
Building and Improvements | 2,945 | |
Total | 4,752 | |
Encumbrances | 4,136 | |
Accumulated Depreciation | $ 818 | |
Date Acquired | Oct. 02, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,752 | |
Bryan Station | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Bryan Station | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Crockett Square | ||
Initial Cost | ||
Land | $ 1,546 | |
Building and Improvements | 6,834 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 233 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,565 | |
Building and Improvements | 7,048 | |
Total | 8,613 | |
Encumbrances | 6,338 | |
Accumulated Depreciation | $ 1,787 | |
Date Acquired | Nov. 05, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 8,613 | |
Crockett Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Crockett Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Harbor Pointe | ||
Initial Cost | ||
Land | $ 778 | |
Building and Improvements | 0 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | (359) | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 419 | |
Building and Improvements | 0 | |
Total | 419 | |
Accumulated Depreciation | $ 0 | |
Date Acquired | Nov. 21, 2014 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 419 | |
Pierpont Centre | ||
Initial Cost | ||
Land | 484 | |
Building and Improvements | 9,221 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 494 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 881 | |
Building and Improvements | 9,318 | |
Total | 10,199 | |
Encumbrances | 7,716 | |
Accumulated Depreciation | $ 2,167 | |
Date Acquired | Jan. 14, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 10,199 | |
Pierpont Centre | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Pierpont Centre | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Brook Run Properties | ||
Initial Cost | ||
Land | $ 300 | |
Building and Improvements | 0 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 8 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 300 | |
Building and Improvements | 8 | |
Total | 308 | |
Accumulated Depreciation | $ 0 | |
Date Acquired | Mar. 27, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 308 | |
Alex City Marketplace | ||
Initial Cost | ||
Land | 454 | |
Building and Improvements | 7,837 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,879 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 716 | |
Building and Improvements | 9,454 | |
Total | 10,170 | |
Encumbrances | 5,750 | |
Accumulated Depreciation | $ 2,378 | |
Date Acquired | Apr. 01, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 10,170 | |
Alex City Marketplace | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Alex City Marketplace | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Brook Run Shopping Center | ||
Initial Cost | ||
Land | $ 2,209 | |
Building and Improvements | 12,919 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 326 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,377 | |
Building and Improvements | 13,077 | |
Total | 15,454 | |
Encumbrances | 10,950 | |
Accumulated Depreciation | $ 3,404 | |
Date Acquired | Jun. 02, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 15,454 | |
Brook Run Shopping Center | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Brook Run Shopping Center | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Beaver Ruin Village | ||
Initial Cost | ||
Land | $ 2,604 | |
Building and Improvements | 8,284 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 114 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,619 | |
Building and Improvements | 8,383 | |
Total | 11,002 | |
Accumulated Depreciation | $ 1,737 | |
Date Acquired | Jul. 01, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 11,002 | |
Beaver Ruin Village | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Beaver Ruin Village | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Beaver Ruin Village II | ||
Initial Cost | ||
Land | $ 1,153 | |
Building and Improvements | 2,809 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 5 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,153 | |
Building and Improvements | 2,814 | |
Total | 3,967 | |
Accumulated Depreciation | $ 587 | |
Date Acquired | Jul. 01, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,967 | |
Beaver Ruin Village II | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Beaver Ruin Village II | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Chesapeake Square | ||
Initial Cost | ||
Land | $ 895 | |
Building and Improvements | 4,112 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,088 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,269 | |
Building and Improvements | 4,826 | |
Total | 6,095 | |
Encumbrances | 4,106 | |
Accumulated Depreciation | $ 1,344 | |
Date Acquired | Jul. 10, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 6,095 | |
Chesapeake Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Chesapeake Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Sunshine Shopping Plaza | ||
Initial Cost | ||
Land | $ 1,183 | |
Building and Improvements | 6,368 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 584 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,268 | |
Building and Improvements | 6,867 | |
Total | 8,135 | |
Encumbrances | 5,900 | |
Accumulated Depreciation | $ 1,539 | |
Date Acquired | Jul. 21, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 8,135 | |
Sunshine Shopping Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Sunshine Shopping Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Barnett Portfolio | ||
Initial Cost | ||
Land | $ 3,107 | |
Building and Improvements | 8,912 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 497 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,293 | |
Building and Improvements | 9,223 | |
Total | 12,516 | |
Encumbrances | 8,770 | |
Accumulated Depreciation | $ 2,076 | |
Date Acquired | Aug. 21, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 12,516 | |
Barnett Portfolio | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Barnett Portfolio | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Grove Park | ||
Initial Cost | ||
Land | $ 722 | |
Building and Improvements | 4,590 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 69 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 790 | |
Building and Improvements | 4,591 | |
Total | 5,381 | |
Encumbrances | 3,800 | |
Accumulated Depreciation | $ 1,040 | |
Date Acquired | Sep. 09, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,381 | |
Grove Park | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Grove Park | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Parkway Plaza | ||
Initial Cost | ||
Land | $ 772 | |
Building and Improvements | 4,230 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 72 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 778 | |
Building and Improvements | 4,296 | |
Total | 5,074 | |
Encumbrances | 3,500 | |
Accumulated Depreciation | $ 933 | |
Date Acquired | Sep. 15, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,074 | |
Parkway Plaza | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Parkway Plaza | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Fort Howard Square | ||
Initial Cost | ||
Land | $ 1,890 | |
Building and Improvements | 7,350 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 343 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,952 | |
Building and Improvements | 7,631 | |
Total | 9,583 | |
Encumbrances | 7,100 | |
Accumulated Depreciation | $ 1,591 | |
Date Acquired | Sep. 30, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 9,583 | |
Fort Howard Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Fort Howard Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Conyers Crossing | ||
Initial Cost | ||
Land | $ 2,034 | |
Building and Improvements | 6,820 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 351 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,138 | |
Building and Improvements | 7,067 | |
Total | 9,205 | |
Encumbrances | 5,960 | |
Accumulated Depreciation | $ 1,669 | |
Date Acquired | Sep. 30, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 9,205 | |
Conyers Crossing | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Conyers Crossing | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Darien Shopping Center | ||
Initial Cost | ||
Land | $ 188 | |
Building and Improvements | 1,054 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | (17) | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 188 | |
Building and Improvements | 1,037 | |
Total | 1,225 | |
Accumulated Depreciation | $ 179 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 1,225 | |
Darien Shopping Center | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Darien Shopping Center | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Devine Street | ||
Initial Cost | ||
Land | $ 365 | |
Building and Improvements | 1,941 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | (4) | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 365 | |
Building and Improvements | 1,937 | |
Total | 2,302 | |
Accumulated Depreciation | $ 352 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,302 | |
Devine Street | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Devine Street | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Folly Road | ||
Initial Cost | ||
Land | $ 5,992 | |
Building and Improvements | 4,527 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 43 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 6,020 | |
Building and Improvements | 4,542 | |
Total | 10,562 | |
Accumulated Depreciation | $ 851 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 10,562 | |
Folly Road | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Folly Road | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Georgetown | ||
Initial Cost | ||
Land | $ 742 | |
Building and Improvements | 1,917 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 126 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 753 | |
Building and Improvements | 2,032 | |
Total | 2,785 | |
Accumulated Depreciation | $ 385 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,785 | |
Georgetown | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Georgetown | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Ladson Crossing | ||
Initial Cost | ||
Land | $ 2,981 | |
Building and Improvements | 3,920 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 206 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,146 | |
Building and Improvements | 3,961 | |
Total | 7,107 | |
Accumulated Depreciation | $ 775 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 7,107 | |
Ladson Crossing | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Ladson Crossing | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Lake Greenwood Crossing | ||
Initial Cost | ||
Land | $ 550 | |
Building and Improvements | 2,499 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 17 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 550 | |
Building and Improvements | 2,516 | |
Total | 3,066 | |
Accumulated Depreciation | $ 489 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,066 | |
Lake Greenwood Crossing | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Lake Greenwood Crossing | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Lake Murray | ||
Initial Cost | ||
Land | $ 447 | |
Building and Improvements | 1,537 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 42 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 470 | |
Building and Improvements | 1,556 | |
Total | 2,026 | |
Accumulated Depreciation | $ 299 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 2,026 | |
Lake Murray | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Lake Murray | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Litchfield I | ||
Initial Cost | ||
Land | $ 568 | |
Building and Improvements | 929 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 84 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 572 | |
Building and Improvements | 1,009 | |
Total | 1,581 | |
Accumulated Depreciation | $ 213 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 1,581 | |
Litchfield I | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Litchfield I | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Litchfield II | ||
Initial Cost | ||
Land | $ 568 | |
Building and Improvements | 936 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 146 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 572 | |
Building and Improvements | 1,078 | |
Total | 1,650 | |
Accumulated Depreciation | $ 186 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 1,650 | |
Litchfield II | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Litchfield II | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Litchfield Market Village | ||
Initial Cost | ||
Land | $ 2,970 | |
Building and Improvements | 4,716 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 590 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,125 | |
Building and Improvements | 5,151 | |
Total | 8,276 | |
Accumulated Depreciation | $ 962 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 8,276 | |
Litchfield Market Village | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Litchfield Market Village | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Moncks Corner | ||
Initial Cost | ||
Land | $ 0 | |
Building and Improvements | 1,109 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 9 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 0 | |
Building and Improvements | 1,118 | |
Total | 1,118 | |
Accumulated Depreciation | $ 225 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 1,118 | |
Moncks Corner | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Moncks Corner | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Ridgeland | ||
Initial Cost | ||
Land | $ 203 | |
Building and Improvements | 376 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 203 | |
Building and Improvements | 376 | |
Total | 579 | |
Accumulated Depreciation | $ 92 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 579 | |
Ridgeland | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Ridgeland | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Shoppes at Myrtle Park | ||
Initial Cost | ||
Land | $ 3,182 | |
Building and Improvements | 5,360 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,103 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,182 | |
Building and Improvements | 6,463 | |
Total | 9,645 | |
Encumbrances | 5,615 | |
Accumulated Depreciation | $ 1,358 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 9,645 | |
Shoppes at Myrtle Park | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Shoppes at Myrtle Park | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
South Lake | ||
Initial Cost | ||
Land | $ 804 | |
Building and Improvements | 2,025 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 931 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 804 | |
Building and Improvements | 2,956 | |
Total | 3,760 | |
Accumulated Depreciation | $ 634 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,760 | |
South Lake | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
South Lake | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
South Park | ||
Initial Cost | ||
Land | $ 943 | |
Building and Improvements | 2,967 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 114 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,005 | |
Building and Improvements | 3,019 | |
Total | 4,024 | |
Accumulated Depreciation | $ 567 | |
Date Acquired | Apr. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,024 | |
South Park | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
South Park | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Sangaree | ||
Initial Cost | ||
Land | $ 2,302 | |
Building and Improvements | 2,922 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 762 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,503 | |
Building and Improvements | 3,483 | |
Total | 5,986 | |
Accumulated Depreciation | $ 989 | |
Date Acquired | Nov. 10, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,986 | |
Sangaree | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Sangaree | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Tri-County | ||
Initial Cost | ||
Land | $ 411 | |
Building and Improvements | 3,421 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 379 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 635 | |
Building and Improvements | 3,576 | |
Total | 4,211 | |
Accumulated Depreciation | $ 761 | |
Date Acquired | Nov. 10, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,211 | |
Tri-County | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Tri-County | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Riverbridge | ||
Initial Cost | ||
Land | $ 774 | |
Building and Improvements | 5,384 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 69 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 815 | |
Building and Improvements | 5,412 | |
Total | 6,227 | |
Encumbrances | 4,000 | |
Accumulated Depreciation | $ 1,021 | |
Date Acquired | Nov. 15, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 6,227 | |
Riverbridge | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Riverbridge | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Laburnum Square | ||
Initial Cost | ||
Land | $ 3,735 | |
Building and Improvements | 5,929 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 278 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,827 | |
Building and Improvements | 6,115 | |
Total | 9,942 | |
Encumbrances | 7,665 | |
Accumulated Depreciation | $ 1,153 | |
Date Acquired | Dec. 07, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 9,942 | |
Laburnum Square | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Laburnum Square | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Franklin Village | ||
Initial Cost | ||
Land | $ 2,608 | |
Building and Improvements | 9,426 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 433 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,685 | |
Building and Improvements | 9,782 | |
Total | 12,467 | |
Encumbrances | 8,144 | |
Accumulated Depreciation | $ 1,620 | |
Date Acquired | Dec. 12, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 12,467 | |
Franklin Village | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Franklin Village | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Village at Martinsville | ||
Initial Cost | ||
Land | $ 5,208 | |
Building and Improvements | 12,879 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 997 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 5,228 | |
Building and Improvements | 13,856 | |
Total | 19,084 | |
Encumbrances | 15,181 | |
Accumulated Depreciation | $ 2,733 | |
Date Acquired | Dec. 16, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 19,084 | |
Village at Martinsville | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Village at Martinsville | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
New Market | ||
Initial Cost | ||
Land | $ 993 | |
Building and Improvements | 5,216 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 782 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,060 | |
Building and Improvements | 5,931 | |
Total | 6,991 | |
Accumulated Depreciation | $ 1,036 | |
Date Acquired | Dec. 20, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 6,991 | |
New Market | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
New Market | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Rivergate Shopping Center | ||
Initial Cost | ||
Land | $ 1,537 | |
Building and Improvements | 29,177 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,189 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,687 | |
Building and Improvements | 30,216 | |
Total | 31,903 | |
Encumbrances | 18,003 | |
Accumulated Depreciation | $ 5,121 | |
Date Acquired | Dec. 21, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 31,903 | |
Rivergate Shopping Center | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Rivergate Shopping Center | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
JANAF | ||
Initial Cost | ||
Land | $ 8,267 | |
Building and Improvements | 66,549 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1,548 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 8,514 | |
Building and Improvements | 67,850 | |
Total | 76,364 | |
Encumbrances | 60,000 | |
Accumulated Depreciation | $ 9,685 | |
Date Acquired | Jan. 18, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 76,364 | |
JANAF | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
JANAF | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Brickyard Plaza | Cedar | ||
Initial Cost | ||
Land | $ 1,989 | |
Building and Improvements | 13,119 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,989 | |
Building and Improvements | 13,119 | |
Total | 15,108 | |
Accumulated Depreciation | $ 189 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 15,108 | |
Brickyard Plaza | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Brickyard Plaza | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Carll's Corner | Cedar | ||
Initial Cost | ||
Land | $ 2,193 | |
Building and Improvements | 3,011 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,193 | |
Building and Improvements | 3,011 | |
Total | 5,204 | |
Accumulated Depreciation | $ 51 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,204 | |
Carll's Corner | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Carll's Corner | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Coliseum Marketplace | Cedar | ||
Initial Cost | ||
Land | $ 1,226 | |
Building and Improvements | 3,172 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 27 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,226 | |
Building and Improvements | 3,199 | |
Total | 4,425 | |
Accumulated Depreciation | $ 72 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,425 | |
Coliseum Marketplace | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Coliseum Marketplace | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Fairview Commons | Cedar | ||
Initial Cost | ||
Land | $ 948 | |
Building and Improvements | 2,083 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 948 | |
Building and Improvements | 2,083 | |
Total | 3,031 | |
Accumulated Depreciation | $ 43 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,031 | |
Fairview Commons | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Fairview Commons | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Fieldstone Marketplace | Cedar | ||
Initial Cost | ||
Land | $ 2,359 | |
Building and Improvements | 2,279 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 126 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,359 | |
Building and Improvements | 2,405 | |
Total | 4,764 | |
Accumulated Depreciation | $ 69 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,764 | |
Fieldstone Marketplace | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Fieldstone Marketplace | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Gold Star Plaza | Cedar | ||
Initial Cost | ||
Land | $ 1,403 | |
Building and Improvements | 3,223 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,403 | |
Building and Improvements | 3,223 | |
Total | 4,626 | |
Accumulated Depreciation | $ 71 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 4,626 | |
Gold Star Plaza | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Gold Star Plaza | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Golden Triangle | Cedar | ||
Initial Cost | ||
Land | $ 3,322 | |
Building and Improvements | 13,388 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | (49) | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,322 | |
Building and Improvements | 13,339 | |
Total | 16,661 | |
Accumulated Depreciation | $ 209 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 16,661 | |
Golden Triangle | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Golden Triangle | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Hamburg Square | Cedar | ||
Initial Cost | ||
Land | $ 933 | |
Building and Improvements | 4,967 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 933 | |
Building and Improvements | 4,967 | |
Total | 5,900 | |
Accumulated Depreciation | $ 84 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,900 | |
Hamburg Square | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Hamburg Square | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Kings Plaza | Cedar | ||
Initial Cost | ||
Land | $ 2,192 | |
Building and Improvements | 3,961 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,192 | |
Building and Improvements | 3,961 | |
Total | 6,153 | |
Accumulated Depreciation | $ 81 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 6,153 | |
Kings Plaza | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Kings Plaza | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Oakland Commons | Cedar | ||
Initial Cost | ||
Land | $ 824 | |
Building and Improvements | 3,080 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 824 | |
Building and Improvements | 3,080 | |
Total | 3,904 | |
Accumulated Depreciation | $ 55 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,904 | |
Oakland Commons | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Oakland Commons | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Oregon Avenue | Cedar | ||
Initial Cost | ||
Land | $ 3,158 | |
Building and Improvements | 0 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 277 | |
Carrying Costs | ||
Gross Amount at which Carried at End of Period | ||
Land | 3,158 | |
Building and Improvements | 277 | |
Total | 3,435 | |
Accumulated Depreciation | $ 0 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 3,435 | |
Patuxent Crossing | Cedar | ||
Initial Cost | ||
Land | 2,999 | |
Building and Improvements | 15,145 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 450 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 2,999 | |
Building and Improvements | 15,595 | |
Total | 18,594 | |
Accumulated Depreciation | $ 250 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 18,594 | |
Patuxent Crossing | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Patuxent Crossing | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Pine Grove Plaza | Cedar | ||
Initial Cost | ||
Land | $ 1,292 | |
Building and Improvements | 3,832 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | (3) | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,292 | |
Building and Improvements | 3,829 | |
Total | 5,121 | |
Accumulated Depreciation | $ 68 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 5,121 | |
Pine Grove Plaza | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Pine Grove Plaza | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
South Philadelphia | Cedar | ||
Initial Cost | ||
Land | $ 11,996 | |
Building and Improvements | 11,137 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 11,996 | |
Building and Improvements | 11,137 | |
Total | 23,133 | |
Accumulated Depreciation | $ 183 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 23,133 | |
South Philadelphia | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
South Philadelphia | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Southington Center | Cedar | ||
Initial Cost | ||
Land | $ 358 | |
Building and Improvements | 8,429 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 358 | |
Building and Improvements | 8,429 | |
Total | 8,787 | |
Accumulated Depreciation | $ 130 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 8,787 | |
Southington Center | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Southington Center | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Timpany Plaza | Cedar | ||
Initial Cost | ||
Land | $ 1,778 | |
Building and Improvements | 5,754 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 1 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,778 | |
Building and Improvements | 5,755 | |
Total | 7,533 | |
Accumulated Depreciation | $ 105 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 7,533 | |
Timpany Plaza | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Timpany Plaza | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Trexler Mall | Cedar | ||
Initial Cost | ||
Land | $ 3,746 | |
Building and Improvements | 22,979 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 0 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,746 | |
Building and Improvements | 22,979 | |
Total | 26,725 | |
Accumulated Depreciation | $ 324 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 26,725 | |
Trexler Mall | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Trexler Mall | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Washington Center Shoppes | Cedar | ||
Initial Cost | ||
Land | $ 3,618 | |
Building and Improvements | 11,354 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 206 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 3,618 | |
Building and Improvements | 11,560 | |
Total | 15,178 | |
Accumulated Depreciation | $ 167 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 15,178 | |
Washington Center Shoppes | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Washington Center Shoppes | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Webster Commons | Cedar | ||
Initial Cost | ||
Land | $ 1,565 | |
Building and Improvements | 6,207 | |
Costs Capitalized Subsequent to Acquisition | ||
Improvements (net) | 113 | |
Carrying Costs | 0 | |
Gross Amount at which Carried at End of Period | ||
Land | 1,565 | |
Building and Improvements | 6,320 | |
Total | 7,885 | |
Accumulated Depreciation | $ 101 | |
Date Acquired | Aug. 22, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||
Balance at end of period | $ 7,885 | |
Webster Commons | Cedar | Minimum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 5 years | |
Webster Commons | Cedar | Maximum | ||
Gross Amount at which Carried at End of Period | ||
Depreciation Life | 40 years | |
Sangaree and Tri-County | Mortgages | ||
Gross Amount at which Carried at End of Period | ||
Loans payable, net | $ 6,100 | |
Beaver Ruin Village and Beaver Ruin Village II | Mortgages | ||
Gross Amount at which Carried at End of Period | ||
Loans payable, net | 9,400 | |
Various Properties 1 | Mortgages | ||
Gross Amount at which Carried at End of Period | ||
Loans payable, net | 75,000 | |
Various Properties 2 | Mortgages | ||
Gross Amount at which Carried at End of Period | ||
Loans payable, net | 110,000 | |
Coliseum Marketplace and Patuxent Crossing | Mortgages | ||
Gross Amount at which Carried at End of Period | ||
Loans payable, net | $ 25,000 |